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Filing Income Return for AY 2019-20??? Know this!

The due date for filing of Income Tax Return is mentioned in Section 139(1) of the Income Tax Act (hereinafter mentioned as ‘Act’). As per this section the due date for filing of return for the Assessment Year 2019-20 were 31st July, 2019 and 30th September, 2019 for different types of assesses.

If the return could not have been filed within the above due dates even then the same can be filed validly as a belated return within the time limit prescribed U/s. 139(4) of the Act. Under section 139(4) a belated return can be filed before the expiry of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier.

But due to COVID-19 pandemic the due date for filing belated return of AY 2019-20 has been extended upto 30th September, 2020.

Filing your income tax return after the due date invites some consequences which are as follows:

  • In case there are some taxes yet to be paid, filing of income tax return after the due date will attract interest @ 1% per month and part thereof up to the date of filing of the return, on such unpaid tax amount. This interest will be charged only if there is any tax payable by you.

  • You will not be allowed to carry forward certain losses if you are filing your income tax return after the deadline.

  • You may lose interest on refund u/s 244A as delay in filing is attributable to you for the period by which you have filed late return.

If a person fails to furnish return before due date, the assessing officer may levy a penalty u/s 271F as follows:

If the return is furnished after the due date of filing but on or before the 31st day of December - Penalty of Rs.5,000.

In any other case - Penalty of Rs.10,000.

Note: If the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed Rs.1000.

Thus if your due date for filing Income tax return was 31st July, 2019 or 30th September, 2019 and you miss to file it within due date you can still file it till 30th September, 2020.

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