Penalty on Late Filing Of Income Tax Return

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Last Date For Filing ITR F.Y. 2018-19 and Penalty On Late Filing of ITR

Posted on by Manoj Gurjar

Due Dates for Filing Income Tax Return

As per the provisions contained in section 139 of Income Tax Act, 1961 every person whose income during the financial year exceeds two lakh fifty thousand rupees (Financial Year 2018-19) is required to file Income Tax Return on or before due date . Due Dates for filing Income Tax Return for the FY 2018-19 is as follows:

Type  of Assesses Due Date
Individual or HUF whose accounts are not liable for tax audit 31st July,2019
Partnership Firm/LLP whose accounts are not liable for tax audit 31st July,2019
Company 30th September,2019
Individual or HUF whose accounts are  liable for tax audit 30th September,2019
Partnership Firm/LLP whose accounts are not liable for tax audit 30th September,2019
Working partner of a firm whose accounts are liable for tax audit 30th September,2019
Assesses involved in foreign transaction u/s 92E 30th November,2019

 

Penalty on Late Filing of Income Tax Return-FY2018-19

As per the provisions of Section 234F of Income Tax Act, late filing of ITR would attract penalty as follows:

  • Five thousand rupees, if the return is filed on or before the 31st December, 2019.
  • Ten thousand rupees, if the return is filed after 31st December, 2019.

If the total income of the person does not exceed five lakh rupees, the amount of penalty shall not exceed one thousand rupees.

Important Points to Note-FY 2018-19

  • A person who fails to file his Income Tax Return on or before above mentioned due dates can file his return after due dates by paying the penalty & interest 31st March,2020, i.e. Last Date for filing Income Tax with penalty Return for FY 2018-19 is 31st March,2020.
  • Return filed after due date would be considered as belated return and such belated return cannot be revised.
  • Interest would also be levied on late filing of Income Tax Return.
  • No penalty would be levied on a person filing Income Tax Return after due dates whose total income during the FY 2018-19 do not exceed two lakh fifty thousand rupees.

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