Income Tax Filing 2019: Know the Penalty Charges if You Miss Income Tax Deadline

The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from 31st July 2019 to 31st August 2019.

AS per the income tax rules missing the last date attracts penalty charges. The taxman has specified a penalty fee ranging from Rs. 5,000 to Rs. 10,000 for filing a belated income tax return, as per the Income Tax Department's website - incometaxindia.gov.in.

The amount of the fine payable by those assessed who present a late refund increase as per the degree of delay.

Things to know about belated income tax returns - or the ITRs filed after the due date:

What is a belated income tax return?

Belated income tax return: An income tax return not provided by the due date decided by the Income Tax Department.

What if you miss the income tax deadline?

An assessee who does not submit a return of income within the time specified by the Income Tax Department is allowed to file a belated return later. Such assessees need to file the income tax return before the end of the assessment year/completion of the assessment, or one year before the end of the relevant assessment year/completion of the assessment, whichever is earlier.

But penalty charges are applicable in case of a belated income tax return (ITR). A belated income tax return attracts a late filing fee under Section 234F of the Income Tax Act.

Penalty charges as per the Income Tax Department

 A belated return furnished by December 31 of the assessment year needs to pay a late filing fee of Rs. 5,000.

 An income tax return filed after December 31 but before March 31 attracts a late filing fee of Rs. 10,000.

Is rebate allowed in the late filing fee?

As per the income tax website, the amount of late filing fee cannot exceed Rs. 1,000 if the assessee's total income does not exceed Rs. 5 lakh.