July 31,2019 is the last day for filing Income Tax Return (ITR 1) for the assessment year 2019-20 (the financial year 2018-19).If your gross total income before allowing deductions under Section 80C and 80U exceeds Rs 2,50,000 in a financial year,it is mandatory to file returns.
The July 31 deadline is,however,only for individuals. (ITR 1).
Filing your tax after the due date is called belated ITR and it can be submitted till March 31,2020.However,if you fail to adhere to this deadline as well,you will have to wait for a notice from the tax department for filing your ITR.
While you can file belated ITR till March 2019,it will attract fine.
If you file your IT return by December 31,2019 then the fine is Rs 5,000 The penalty for filing January 1 and March 31,2020,is Rs 10,000.
For those whose income is below Rs 5 lakh,the late fine is capped at Rs 1,000.
For taxpayers whose total income is not above Rs 5 lakh,the fine amount will not exceed Rs 1,000 irrespective of when it is filed (before March 31,2020).
There is also the possibility that the deadline extends until August 31st.But it is wise to file return immediately without waiting for it.
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