The deadline for filing belated and revised income tax return (ITR) for assessment year 2019-20 (financial year 2018-19) ends on Wednesday i.e today. It is compulsory for individuals earning a specified amount of income in a year to file ITR.

Live TV

Loading...

Earlier, the deadline to submit original ITR for assessment year 2019-20 (financial year 2018-19) was August 31, 2019. Assessees who could not submit it within the August 31 deadline can file a belated return with certain penalty charges till today, as per Income Tax (I-T) department.

According to I-T law, if income tax return is not filed within the due date, penalty along with interest under section 234A of Income Tax Act is levied. The taxpayer is liable to pay simple interest at 1 percent per month or part of a month for delay in filing the return of income.

The amount of money charged as penalty or fine for a belated ITR increases based on the degree of delay.

The I-T department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7, according to its website.

After submitting the return, individuals are also required to verify their returns. I-T Department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account.

Now, in case an assessee doesn't file ITR at all, he/she will not be able to carry forward the losses of current assessment year. According to Gopal Bohra, Partner, NA Shah Associates, a penalty may be levied which is minimum 50 percent of assessed tax or maximum 200 percent of the assessed tax.

Assessee may also have to face prosecution also (i.e. rigorous imprisonment for a term up to 7 years and fine), in extreme and high value cases.