August 31 was the last date to file the income tax return for the FY 2018-19. However, if you have missed the deadline, here’s a way for a hassle-free filing before December 31. After December 31, the penalty charges will go up from Rs 5,000 to Rs 10,000.

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According to media reports, on Friday, an all-time high record of 4,929,121 ITRs were filed in a single day, almost 200 ITRs per second.

Already, the due date to file ITR for FY 2018-19 was extended from July 31 to August. However, if you still missed the deadline, here are a few things you should know about:

How to file ITR post due dates?

The only difference between filing an income tax return post deadline is an individual has to select ‘return filed under section 139(4)' option in the menu. Noting, while filing a belated return, you have to fill the applicable ITRs as notified for the same financial year only.

Penalties

Until December 31, the penalty for late ITR filing is Rs 5,000. Post which, it will increase to Rs 10,000, as per the income tax rules.

With the insertion of section 234F by the government, to the Income Tax Act, an individual has to pay up to Rs10,000 for filing ITR after the due date, as mentioned in section 139(1) of the Act. However, prior to this, no surcharges were to be paid by the late defaulters.

On missing the deadline, a penalty of Rs 1,000 will be levied on a taxpayer earning below Rs 5 lakh per annum, but more than Rs 2.5 lakh.

According to the income tax slabs applicable for the FY19, individuals below 60 years having a total income up to Rs 2.5 lakh are exempted from tax. Citizens aged 60 years but below 80 and those above 80 years with a total income of 3 lakh and 5 lakh, respectively, are also not liable to pay tax.

In case you have any leftover tax liability, a penal interest would be levied, as applicable to your case, only if you have filed a belated return. Also, while assessing your return, if the income tax department demands additional tax payment, you would have to pay interest on that tax as well.

Well, it’s always better now than never. Follow the above mentioned procedure to file ITR if you haven’t yet, to avoid paying Rs 10,000 on doing it post December 31.

First Published:Sept 2, 2019 3:43 PM IST