In a major relief to the taxpayers, the government of India extended the deadline for filing an income tax return (ITR) for the financial year 2018-19 to August 31, 2019, from the earlier declared date July 31, 2019.
August 31, 2019, is the date by which Individuals, Body of Individuals, Hindu Undivided Family and Association of Persons. While Businesses Requiring Audit must file their taxes by 30th September 2019. Those Businesses requiring TP report can submit their filing by 30th November 2019.
The penalty for filing ITRs after the deadline is as follows:
Filed on or before December 31 and after August 31: Rs 5,000
Filed between January 1 and March 31: Rs 10,000
But this is not it, in case one is a ‘small taxpayers’ that is, among those whose total income does not exceed Rs 5 lakh, will be required to pay the maximum penalty for day as Rs 1,000.
In case an individual’s gross total income is not more than the basic exemption limit, then they are not liable to pay late filing fees. The basic exemption limit is as follows –
Age below 60 years: Rs 2,50,000
60 years or more but below 80 years: Rs 3,00,000
80 years and above: Rs 5,00,000
After a fake circular made rounds over the internet “pertaining to extension of due dt for filing of IT Returns”. The official Twitter handle of Income Tax India quashed the rumours as “not genuine”. “Taxpayers are advised to file Returns within extended due dt of 31.08.2019,” the handle tweeted.
It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due dt for filing of IT Returns. It is categorically stated that the said order is not genuine.Taxpayers are advised to file Returns within extended due dt of 31.08.2019 pic.twitter.com/m7bhrD8wMy
— Income Tax India (@IncomeTaxIndia) August 30, 2019
As far as the GST returns go, the Central government on Monday extended the last date of filing it by three months, from August 31 to November 30.
“It is hereby informed that the last date for furnishing of ‘Annual Return’ in the ‘FORM GSTR-9 or FORM GSTR-9A’ and ‘Reconciliation Statement’ in the ‘FORM GSTR-9C’ for the Financial Year 2017-18 is extended from 31st August, 2019 to 30th November, 2019,” the Central Board of Indirect Taxes & Customs (CBIC) said in a statement.
How much penalty for not filing income tax return before deadline?
