As per Income Tax Act, the due date for filing of income tax return for the assessment year 2019-20 were 31st July, 2019 and 30th September, 2019 for different types of assesses.
If the return is not filed by the due date even then the same can be filed as a belated return within the time limit mentioned in Income Tax Act.
As per section 139(4) of Income Tax Act, a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.
It means the income tax return of assessment year 2019-20 can be filed up to 31st March, 2020.
But due to COVID-19 pandemic, the government giving the relaxation to the taxpayers and in this context, the due date for filing belated return of assessment year 2019-20 (FY 2018-19) has been extended to 30th September, 2020 via notification no. 56/2020 dated 29.07.2020.
Consequences of late submission of income tax return:
- The assessee will be liable for penal interest under section 234A.
- The assessee will not be allowed to carry forward certain losses.
- The assessee may lose interest on refund under section 244A.
If the assessee file the income tax return after the due date, then late fees will be incurred. Which are as follows:
|
Late Fees as per section 234F |
||
|
Date of filling |
Total Income Below Rs. 5,00,000 |
Total Income Above Rs. 5,00,000 |
| If the return is furnished after the due date of filing but on or before the 31st day of December. | 1,000 | 5,000 |
| In any other case | 1,000 | 10,000 |
Thus any person who wants to file income tax return for financial year 2018-19 (AY 2019-20) can file it till 30th September, 2020.
For Financial Year 2019-20 (AY 2020-21), the last date to file income tax return without late fees is 30th November, 2020.