Income Tax Filling Deadline for AY 2019-20: Today it is necessary to fill ITR, what if it is not filled? Know everything

Income Tax Filling Deadline for AY 2019-20 / CBDT: September 30 is the last date to file income tax return for the financial year 2018-19. If you have not filled ITR now, you will have to face many difficulties.

new Delhi. Due to the corona epidemic, the government has changed many tax related dates. This decision has been taken to facilitate people in this crisis. These include filing of filed income tax return for the financial year 2018-19, verification of old ITR, etc.

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The Income Tax Department has tweeted through its Twitter handle that the last date for filing of income tax returns for the financial year 2018-19 is nearing. That is why taxpayers should file their returns as soon as possible. Let us tell you that earlier for the financial year 2018-19, the Income Tax Department has extended the last date of ITR filing to 30 September. At the same time, earlier this deadline was kept till 31 July. The date of filing returns for the financial year 2019-20 has also been extended till 30 November 2020. Usually its last date is 31 July.

Now what will happen if the return is not filed – if a taxpayer does not file the return by this deadline, then he will not be able to file the return. Usually a penalty is imposed for not filing an income tax return by the due date. Suppose if the last date for filing an ITI is 31 July and you have not filed the return by 31 August, then you will have to pay the penalty.

After the deadline, a penalty of Rs 5,000 will have to be paid if you file the return by 31 December. If you file the return after December, then Rs 10,000 will be charged as penalty. Failure to file an ITR can lead to jail term of three months to two years. If the arrears of income tax is more than Rs 25 lakh, then jail for up to 7 years. Returns for any financial year are filed in the assessment year. Like assessment year FY2019-20 for FY2018-19. Returns for FY2018-19 by 31 March 2020 can be filed with Fine.

Verification of old ITR – Central Board of Direct Taxes (CBDT) issued a circular on 13 July 2020. Through this, one-time exemption has been given for verification of income tax return for specified years. According to the circular, people who do not have income tax return verification for the assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20, can verify their ITR by September 30, 2020. If people do not verify ITR, then after 30 September 2020, it will be assumed that they have not filed ITR for that year. They will have to bear the same results that those who do not file ITR will suffer.

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