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Belated Filing Of Income Tax Return For Financial Year 2018-19

CA Rahul Mittal 
on 10 August 2020

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As per Income Tax Act, the due date for filing of income tax return for the assessment year 2019-20 were 31st July, 2019 and 30th September, 2019 for different types of assesses.

If the return is not filed by the due date even then the same can be filed as a belated return within the time limit mentioned in Income Tax Act.

Belated Filing Of Income Tax Return For Financial Year 2018-19

As per section 139(4) of the Income Tax Act, a belated return can be filed before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment whichever is earlier.

It means the income tax return of the assessment year 2019-20 can be filed up to 31st March 2020.

But due to the COVID-19 pandemic, the government giving relaxation to the taxpayers and in this context, the due date for filing belated return of the assessment year 2019-20 (FY 2018-19) has been extended to 30th September 2020 via notification no. 56/2020 dated 29.07.2020.

 

Consequences of late submission of income tax return:

  • The assessee will be liable for penal interest under section 234A.
  • The assessee will not be allowed to carry forward certain losses.
  • The assessee may lose interest on refund under section 244A.

If the assessee file the income tax return after the due date, then late fees will be incurred. Which are as follows:

Late Fees as per section 234F

Date of filling

Total Income Below Rs. 5,00,000

Total Income Above Rs. 5,00,000

If the return is furnished after the due date of filing but on or before the 31st day of December. 1,000 5,000
In any other case 1,000 10,000
 

Thus any person who wants to file an income tax return for the financial year 2018-19 (AY 2019-20) can file it till 30th September 2020.

For Financial Year 2019-20 (AY 2020-21), the last date to file an income tax return without late fees is 30th November 2020.

Also Read:
Consequences of filing ITR after the due date


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