The Income Tax Department on Wednesday announced an extension in the deadline to file belated and revised returns for assessment year 2019-20 (financial year 2018-19) to November 30. The move was in view of the "difficulties faced by the taxpayers due to COVID-19 pandemic", the Central Board of Direct Taxes (CBDT), which is the top policy-making body of the Income Tax Department, said in a statement. In other words, those looking to file a belated return, or revise an already filed return, for income generated between April 2018 and March 2019 can now do so till November 30.
Until today, the due date for furnishing these income tax returns (ITRs) was September 30. Now, assessees will not be able to file a belated return for this period after November 30 unless the Income Tax Department demands it.
For assessment year 2020-21 (financial year 2019-20), the due date for filing the ITR - that is the date for filing an income tax return without paying any penalty - is November 30.
What happens if you don't pay an income tax return on time?
Belated income tax returns attract a late fee up to Rs 10,000, depending upon the degree of delay. However, those with an annual income of up to Rs 5 lakh are only required to pay Rs 1,000 as late fee under current laws.
The taxman had earlier extended the deadline from March 31 to June 30, then July 31 and September 30, aimed at easing the process of filing income tax return for assessees.
RECOMMENDED FOR YOU
POPULAR