ITR Filing FY 2019-20 Penalty: Govt Doubles Fine Amount For Missing Income Tax Return Deadline on December 31 This Year
The deadline to file Income Tax Returns (ITR) is tomorrow and if you miss the date, then there is a penalty which you need to pay. This year the government has raised the penalty amount for missing the deadline, by imposing a fine up to Rs.10,000 as opposed to the Rs 5,000 imposed last year.
Mumbai, December 30: The deadline to file Income Tax Returns (ITR) is tomorrow and if you miss the date, then there is a penalty which you need to pay. This year the government has raised the penalty amount for missing the deadline, by imposing a fine up to Rs 10,000 as opposed to the Rs 5,000 imposed last year.
This year, the Central Board of Direct Taxes (CBDT) extended the deadline to file ITR for the financial year 2019-20 to December 31, beyond the usual date of July 31, owing to the ongoing coronavirus pandemic. ITR Filing FY 2019-20: Number of Income Tax Returns Filed Rise Steadily as December 31, 2020 Deadline Nears, Check Steps to File ITR to Avoid Paying Penalty.
The income tax department said in a tweet that up to 6 pm on Tuesday, more than a million return forms were filed, against 913,718 returns filed up to 5 pm on Monday.
The practise of charging late filing fees under section 234F was introduced in the Budget of 2017 and became effective for the financial year 2017-18 or assessment year 2018-19 onward.
(The above story first appeared on LatestLY on Dec 30, 2020 03:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).