Mysuru: Considering the difficulties faced by the tax payers in filing their Income Tax (I-T) returns due to various reasons including getting the FORM 16 for the Assessment year 2019-20, the Central Board of Direct Taxes, Department of Revenue, New Delhi, has extended the due for filing the Income Tax return to 31.8.2019, in cases of all tax-payers who were liable to file their I-T returns by 31.7.2019.
Fee for default in furnishing return of Income
Under Section 234F, late filing of Income Tax returns attracts fine. Therefore, the I-T return has to be filed before the extended due date (31.8.2019). Else there shall be a penalty of Rs.5,000 between 1.9.2019 to 31.12.2019. Penalty Rs.10,000 will be levied if return is filed thereafter.
However, the penalty is restricted to Rs.1,000 for small tax payers with total income arrived after allowing all deductions, up to Rs.5 lakh.
For more information, reference may be made to the provisions of the Income Tax Act, 1961, the Income Tax Rules, 1962, relevant circulars and/or notifications, according to a press release from N.D. Shreenivaas of Bhavani Associates.
This post was published on August 5, 2019 7:39 pm