Penalties on ITRs filed after August 30, 2019 deadline

Penalties on ITRs filed after August 30, 2019 deadline

New Delhi: Filing income tax returns (ITR) on or before the tax filing deadline is a high-priority task for all the eligible taxpayers in order to avoid penalties and late charges levied by the Income Tax Department. The Income Tax Department provides ample time for all taxpayers to file their respective income tax returns. From a couple of years, the I-T Department has been extending the date of ITR filing by a month to facilitate a longer time period for those who have not received necessary documents from their employers.

The Income Tax Department is highly likely to penalise all the taxpayers who will file the income tax returns after the tax filing deadline of August 30, 2019. According to the prevailing guidelines by the I-T Department, a maximum penalty of Rs 10,000 is levied on taxpayers who delay the ITR beyond the due date.

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In a possible relief to small taxpayers, people having an annual income of up to Rs 5 lakh will be mandated to pay a penalty of Rs 1,000 only. A monetary penalty of Rs 5,000 is applicable on the taxpayers filing the income tax returns after the ITR filing due date up to December 31, 2019, whereas the penalty escalates to Rs 10,000 if the taxpayers defer the tax returns beyond December 31, 2019.

Earlier in July 2019, the Central Board of Direct Taxes (CBDT) extended the ITR filing deadline by a month to August 30, 2019, from the earlier due date of July 31, 2019. The extension in the tax filing due date was primarily done to provide a long window for the invariably growing taxpayer base of the country.

The Income Tax Department incorporates a number of new practices with which the process-driven task of filing the income tax returns can be minimised. There are customised ITR forms for different categories of taxpayers. There are seven types of tax returns namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7, all of these types are designed for the ease of different classes of taxpayers.

Source:- timesnownews



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