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March 25, 2020

Last date to file Income Tax Return for FY 2018-19, AY 2019-20 & Revise return is 30 June 2020

by facelesscompliance in Income Tax

What is the Due Date for Income Tax Filing for FY 2018-19, AY 2019-20?

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The due date to file Income Tax Returns for FY 2018-19, AY 2019-20 is on 31 March 2020 (with nominal penalty) for individuals and entities who do not required their book of accounts to be audited. And due date to file without penalty is 31 July

If you fail to file the Income tax return within the stipulated due date (31 July 2019), you can still file a belated return any time during the current financial year 2019-20. So if you fail to file returns, you can file a belated return till 31 March 2019 by paying a penalty.

Though usually employee gets Form 16 by the mid or end of June, and business class to get TDS certificates by June, many fail to file the returns on time i.e by 31 July and wait till 31 March to file returns.

Due to Lock down in India implemented from 25 March 2020, most of the individuals who usually file in last week of March 2020, has not been able to filed Income Tax Returns. Government considering practical difficulties has extended due dates to file Income Tax Filing for FY 2018-19, AY 2019-20 to 30 June 2020

In the budget 2020, the due date for filing the income-tax return from FY 2020-21 onwards is proposed at the 31st of October for a taxpayer required to have their accounts audited and for a partner of a partnership firm required to have its accounts audited

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A return filed after due date (31 July) till 31 December of the Assessment Year attracts a penalty of ₹5,000 ( ₹1,000 if income is below ₹5 lakh), whereas a belated return filed between 1 January and 31 March of the Assessment Year attracts a late fee of ₹10,000, as per Section 274F in Finance Act, 2017, you cannot file returns without paying it.

Further you will be liable for Interest on taxes not paid, however the interest will be at reduced rate of 9% from existing 12%

There are chances of taxpayers making mistakes while e-Filing their Income Tax Returns. You can always revise your return. Earlier, an income tax return could be revised only if the original return is filed within due date of filing return. The good news is that from FY  2016-17, even a belated return can be revised. Every assessee who has filed his/her ITR is entitled to revise it under section 139(5) to provide correct information to the tax department

If you have filed ITR for FY 2018-19, you have time till March 31, 2020 to correct your mistake, if any. The same due date to revise your return has been extended to 30 June 2020

The most important point is, if you fail to file your Income tax Returns at all, the tax department can send you a notice for filing returns in section 142 or section 148 and it can even lead to prosecution under various section of Income Tax Act. There are provisions of jail term from three months to two years if you fail to file your ITR. Further, if the due tax is more than ₹25lakh, the jail term can be up to seven years as per Income Tax Act.


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