Missed the ITR 2019 filing deadline? You can still file Income tax return for FY 18-19 by this date

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Income Tax Return (ITR) 2019: Last date of Filing Income Tax Return for Financial Year 2018-19 was August 31, 2019 (Extended due date).
If you have failed to furnish your ITR before the due date, you can still file the same before the end of the assessment year, i.e., before March 31, 2020. However, the penalty under section 234F shall be levied as follows:

Late Filing Fee Details

E- Filing Date Total income Below Rs 5,00,000 Total income Above Rs 5,00,000
31st August 2019 Nil Nil
Between 1st Sep 2019 to 31st Dec 2019 Rs 1,000 Rs 5,000
Between 1st Jan 2020 to 31st March 2020 Rs 1,000 Rs 10,000

Note: If you have incurred any losses during the year, you shall be allowed to carry forward of losses.
Who is not liable to pay Penalty?
There is a view that if a person whose gross total income does not exceed the basic exemption limit files a belated return i.e. after the due date, he/she will not be liable to pay penalty.
As per Income Tax Act, 1961, the basic exemption limit is as follows:

  • For resident individuals below the age of 60 years is Rs 2.5 lakh.
  • For senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempted from tax.
  • For super senior citizens i.e. of age 80 years and above, the basic exemption limit is up to Rs 5 lakh.

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