The last date for filing income tax returns for the financial year 2019-20 was 10 January 2021. But if you have not filed your ITR, then you can file it now.
Income tax returns filed after the last date are known as belated returns. However, you will have to pay a fine of Rs 10,000.
Every year, the last date for filing ITR is 31 July of the respective assessment year. If you file ITR by 31 December of the assessment year, you will have to pay a fine of Rs 5,000. At the same time, on filing returns between 31 December to 31 March of the assessment year, Rs 10,000 will have to be paid as penalty.
For taxpayers whose income is up to Rs 5 lakh, a penalty of Rs 1,000 is applicable in case of filing ITR by 31 March. One cannot avoid paying a penalty on a belated return in any way. Apart from paying the fine, interest is also to be paid on the taxes payable every month till the ITR is filed.
This time, the number of people filing ITR has increased by about 5 per cent. According to the Income Tax Department, for the financial year 2019-20 ended March 31, 2020, more than 5.95 crore income tax returns were filed till 10 January 2021. The deadline for filing personal income tax returns was until January 10, while for companies it is February 15.
Usually, the last date for filing the income tax return of assessment year is 31 July. But due to the coronavirus epidemic, the time limit was extended several times. First, it was reduced to 30 November 2020, then 31 December 2020. After this, once again the government had to increase the deadline for 10 January 2021.