Mysuru: With the amendment to the Income Tax Act, any person who receives any income by way of Salary, Pension, Interest, Profession fee, etc., and who have NOT filed their Income Tax Return for the FY 2018-19 (AY 2019-20) shall file on or before 31st July 2019 which is the due date.
If the proper Income Tax Return is NOT filed, a penalty and interest may be levied under various Sections on tax due as noticed by the Income Tax Department.
Fee for default in furnishing return of Income:
Under Section 234F, late filing of Income Tax Returns attracts penalty from this assessment year. Therefore, the Income Tax Return has to be filed before the due date (31.7.2019). Else there shall be a penalty of Rs.5,000 between 1.8.2019 and 31.12.2019.
Penalty of 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 upto Rs. 5 lakh. Wherever there is any doubt, reference may be made to the provisions of the Income Tax Act, 1961, the Income Tax Rules, 1962, relevant Finance Act and/or circulars and/or notifications, according to a press release from N.D. Shreenivaas of Bhavani Associates, Mysuru.