Missed filing ITR? Here's what you MUST do
ITR Filing Deadline: August 31 was the last date to file income tax return. On the deadline day, the Income Tax department witnessed a record number of ITR (Income Tax Returns) filed. In a single day, a record number of more than 49 lakh ITRs filed. A record number of 49,29,121 ITRs were filed on August 31.
ITR Filing Deadline: August 31 was the last date to file income tax returns. On the deadline day, the Income Tax department witnessed a record number of 49,29,121 ITRs (Income Tax Returns) filed.
The peak filing rate per second was at 196 I-T returns while the rate per minute was at 7447 ITRs. The peak filing rate per hour was at 3,87,571 ITRs.
CBDT, which on Sunday released the data on e-filing of ITRs for which the last date of submission was August 31, 2019, said, "this is a remarkable achievement as taxpayers are experiencing a whole new facet of the I-T Department, which is not only taxpayer-friendly but is also of a facilitator providing informational assistance with the pre-filled forms and handholding e-filers, besides being proactively responsive on social media to help and guide taxpayers."
What to do if missed filing ITR before the last date?
If you have missed the extended deadline to file your income tax return (ITR) for the assessment year 2019-20, don't worry, as per section 139(4) of the Income-tax Act, you can still file your Income Tax Return. However, you will have to pay a hefty penalty and face restrictions on filing belated returns.
Late Filing Fees u/s 234F:
Effective from the financial year 2017-18, a late filing fee will be applicable for filing your IT returns after the due date i.e. 31 August 2019, under section 234F. The maximum penalty is Rs. 10,000.
ALSO READ | ITR Filing Deadline: These are the penalties if you haven't file Income Tax returns
How much penalty will be levied if you miss filing ITR?
A hefty amount of fine is levied on individuals who miss filing ITR by the due date.
Until December 31 -- fine is Rs 5,000
Until January 1/March 31, 2020 -- fine is Rs 10,000
For those whose income is below Rs 5 lakh, the late fee is Rs 1,000
Important: If you fail to file an income tax return and tax due is more than Rs 25 lakh, you can even face a 7-year jail term.
To summarise the section 234F(clearTax):
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Late Filing Fee Details as per section 234F |
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|
E- Filing Date |
Total income Below Rs 5,00,000 |
Total income Above Rs 5,00,000 |
|
Up to 31st August 2018 |
Rs 0 |
Rs 0 |
|
Between 1st September 2018 to 31st December 18 |
Rs 1,000 |
Rs 5,000 |
|
Between 1st January 19 to 31st March 19 |
Rs 1,000 |
Rs 10,000 |
Individuals who have failed to file their ITR on August 31 can file belated returns before the income tax department completes an assessment of tax filings for the year. Ideally, if an individual has failed to file his/her returns by deadline, the process should be completed positively by March 31, 2020.