Did you know that not filing an ITR or income tax return after due date attracts a penalty? A belated income tax return attracts a “late filing fee” under Section 234F of the Income Tax Act, as per current income tax laws. An income tax return or “return of income” not furnished on or before the due date is known as a belated return. Filing a belated income tax return attracts a penalty up to Rs. 10,000. A late filing fee of Rs. 5,000 is payable by the assessee for furnishing an income tax return after the due date (August 31) but before December 31 of the assessment year, according to the Income Tax Department’s website – incometaxindia.gov.in
That means, an income tax return for assessment year 2019-20 (financial year 2018-19) filed between August 31 and December 31 will attract a penalty charge of Rs. 5,000.
In other cases, wherein an income tax return is filed after December 31 but before March 31, a late filing fee of Rs. 10,000 is applicable.
However, the late filing fee cannot exceed Rs. 1,000 in case the total income of the assessee does not exceed Rs. 5 lakh, according to the income tax laws.
Meanwhile, the Income Tax Department has extended the due date for assessees to file their income tax returns by one month. Now, income tax assessees – who were originally required to file their income tax returns by July 31 – will be required to file their ITRs by August 31, according to an official statement.