Belated Filing Of Income Tax Return For Financial Year 2018-19

According to Income Tax Act, the due date for filing of Income Tax Return for the assessment year 2019-20 were 31st July, 2019 and 30th September, 2019 for various sorts of surveys.

In the event that the arrival isn't recorded by the due date even, at that point the equivalent can be documented as an overdue return inside as far as possible referenced in Income Tax Act.

According to section 139(4) of the Income Tax Act, a tardy return can be recorded before the expiry of one year from the finish of the pertinent appraisal year or before the fruition of the evaluation whichever is prior.

It means the income tax return of the assessment year 2019-20 can be filed up to 31st March 2020.

Be that as it may, because of the COVID-19 pandemic, the administration offering unwinding to the citizens and in this unique circumstance, the due date for recording tardy return of the assessment year 2019-20 (FY 2018-19) has been stretched out to 30th September 2020 by means of notice no. 56/2020 dated 29.07.2020.

Consequences of late submission of income tax return:

• The assessee will be liable for penal interest under section 234A.
• The assessee will not be allowed to carry forward certain losses.
• The assessee may lose interest on refund under section 244A.

If the assessee file the income tax return after the due date, then late fees will be incurred. Which are as follows:

Late fees as per section 234F

Thus any person who wants to file an income tax return for the financial year 2018-19 (AY 2019-20) can file it till 30th September 2020.

For Financial Year 2019-20 (AY 2020-21), the last date to file an income tax return without late fees is 30th November 2020.