FY18-19 ITR Filing – You can still file FY19 income tax return before September 30
New Delhi: The deadline to file income tax returns for fiscal year 2018-19 ends today (September 30). Note that in early July, the government extended the deadline for filing income tax returns for the 2018-19 fiscal year by two months. The last date to file tax returns for the 2018-19 tax year has been extended three times so far.
“In view of limitations due to the Covid pandemic and to further facilitate taxpayer compliance, CBDT extends the due date for filing income tax returns for fiscal year 2018-19 (AY 2019- 20) from July 31, 2020 to September 30, 2020, ”said the Income Tax Department in a tweet.
Each individual who earns a specified amount of income above the exemption limit in a year is required to submit the ITR within a predetermined expiration date. While the last date to file the ITR for Fiscal Year 18-19 was August 31, 2019, you can still do so in case you forgot or failed to file the ITR on time. However, penalties apply in this case, according to the income tax (IT) law.
According to section 234A of the Income Tax Act, if the income tax return is not filed within the due date, a penalty will be charged along with the interest. If the declaration is delivered on or before December 31 of the assessment year, then 5,000 rupees is required to be paid as a fine. If a person files the return next year between January 1 and March 31, the fine increases to Rs 10,000. For those with income below Rs 5 lakh, the late filing fee cannot exceed Rs 1,000.
However, due to the coronavirus pandemic, the deadline for filing ITRs has been extended for fiscal year 18-19, where late returns can be filed until September 30. In case an error was made in the original ITR for the 18-19 tax year, then a person can review it until September 30.
