New Delhi: The Income Tax (I-T) Department on Friday clarified that Saturday, August 31 is the last date to file income tax returns (ITR). The department’s clarification came after rumours circulated on social media that the deadline, which was earlier extended from the original July 31 by a month, has now been extended to September 30.
In a tweet, the I-T department said, “It has come to the notice of Central Board of Direct Taxes that an order is being circulated on social media pertaining to the extension of due date for filing of I-T returns. It is categorically stated that the said order is not genuine. Taxpayers are advised to file returns within the extended due date of 31.08.2019.”
The earlier extension came as people were facing several issues pertaining to the filing of the returns. The non-availability of Form-16s was among the issues that the returnees were facing.
Those who do not file their ITR by the due date but do so before December 31 of the assessment year, will have to pay a penalty of Rs 5,000. If the same is filed between January 1 and March 31 of the assessment year 2019-2020, the penalty will be Rs 10,000. However, this penalty is applicable to those whose annual income is above Rs 5 lakh. For those with annual income less than Rs 5 lakh, their penalty for filing ITR between January 1 and March 31 of the assessment year 2019-2020 is Rs 1,000.
For any other due payment, an interest of 1% per month or part of a month, is levied.
However, non-filing of the ITR may lead to the I-T department sending a notice and even prosecution of the individual.