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The Income Tax Department has announced the last date for filing income tax return (ITR) for Assessment Year (AY) 2019-20 as September 30, 2023. If you miss this deadline, you can still file a belated return till March 31, 2024, but you will have to pay a penalty.
What is Penalty for Late Filing of ITR?
The penalty for late filing of ITR depends on your income and the duration of delay. If you file the return after the due date but before December 31 of the assessment year, the penalty is Rs. 5,000. For returns filed after December 31, the penalty is Rs. 10,000. However, if your total income is less than Rs. 5 lakh, the penalty is limited to Rs. 1,000.
Why File ITR on Time?
Filing ITR on time has many benefits. Firstly, it helps you avoid penalty and interest charges. Secondly, it helps you claim refunds, if any. Thirdly, it serves as a proof of your income and tax compliance, which may be required for various purposes such as visa application, loan application, etc.
Tips to File ITR on Time
1. Keep Track of Deadlines
Mark the due date for filing ITR in your calendar or set a reminder on your phone. Make sure you have all the necessary documents and information before the deadline.
2. Choose the Right Form
Select the correct form for filing ITR based on your income sources and category. For example, ITR-1 is for individuals with salary income, while ITR-2 is for individuals with income from capital gains.
3. Use Online Filing
E-filing of ITR is faster, easier, and more convenient than physical filing. You can use the Income Tax Department’s e-filing portal or third-party websites such as ClearTax, Tax2Win, etc.
4. Seek Professional Help
If you find it difficult to file ITR on your own, you can seek the help of a tax professional or CA. They can guide you on the correct form, deductions, exemptions, and other tax-related matters.
Filing ITR on time is not only a legal requirement but also a responsible citizen’s duty. It helps the government to collect taxes and fund various development projects. So, don’t miss the last date for filing ITR for AY 2019-20 and avoid penalty and other consequences.