New Delhi: File your Income Tax Returns right away if you have not done it yet. The Income Tax Department on Friday confirmed that today, August 31, is the last day to file ITR for the financial year 2018-19.
According to the current guidelines of the I-T department, a delay in the ITR filing will cost a penalty of up to Rs 10,000 for those with an income above Rs 5 lakh. Meanwhile, taxpayers earning between Rs 2.5 lakh to Rs 5 lakh will be charged a penalty of Rs 1000 on missing the deadline.
The deadline for ITR was already extended from July 31 to August 31 to facilitate a longer period for employees who were awaiting the necessary documents from their employers.
Click here to know the categorical details on the different ITR forms
As per this year’s tax slabs, individuals below the age of 60 with an income up to Rs 2.5 lakh, and senior citizens aged less than 80 years with total income up to Rs 3 lakh are exempted from tax. Furthermore, super senior citizens aged 80 years and above with total income of Rs 5 lakh are also not liable to pay tax.
Citizens must be careful while filing the ITR as the Income Tax Department will not take responsibilities for any last-minute mistakes. However, in case a person commits an error, they can file a revised income tax return, under Section 139(5) of the Income Tax Act, 1961.