The deadline to file your income tax returns for the financial year 2018-19 ends on September 30. In short, the ITR filing due date for FY18-19 is just a day away. The last date for filing tax returns for FY 2018-19 has been extended thrice so far.
It is mandatory for every individual earning a specified amount of income in a year to file ITR within a predetermined due date. While the last date for FY18-19 ITR filing was August 31, 2019, you can still do it in case you forgot or missed to file the ITR on time. Penalty charges are applicable in this case, as per Income Tax (I-T) law.
Under section 234A of Income Tax Act, if the income tax return is not filed within the due date, then penalty along with interest will be charged, according to I-T law.
According to the I-T department, if the return is furnished on or before December 31 of the assessment year, then Rs 5,000 is required to be paid. If an individual files the return next year between January 1 and March, then the penalty increases to Rs 10,000.
However, due to the coronavirus pandemic, ITR filing for FY18-19 is an exception, where one can file belated returns till September 30.
If the total income of an individual does not exceed Rs 5 lakh, the late filing fee cannot exceed Rs 1,000.In case a mistake has been made in the original one of ITR for FY18-19, then an individual can revise it until September 30.