If you have not filed your income tax returns (ITR) yet then you have time till December 31 before the late fees amount increases to Rs 10,000 from Rs 5,000.
If an assessee files ITR before December 31, he/she will have to pay a penalty of Rs 5,000. The fine increases to Rs 10,000 after December 31, 2019.
For the financial year 2018-19, the income tax department had set a deadline of July 31 for filing ITRs, which was later extended to August 31. All ITRs after the due date are considered belated ITRs and a late fee is imposed.
The late filing fees was first introduced in Budget 2017 under section 234F. It became effective from financial year 2018-19.
Taxpayers who don't have to pay penalty for filing belated ITRs:
It must be noted that if person's gross total income does not exceed the basic exemption limit and files belated ITRs, then they will not be liable to pay penalty.
The basic exemption limit for resident individuals below 60 years is Rs 2.5 lakh. For those between 60-80 years, income upto Rs 3 lakh is exempted from income tax. For super senior citizens (above 80 years), the basic exemption limit is up to Rs 5 lakh.
Taxpayers who will have to pay penalty for filing belated ITRs:
If someone has a gross a total income that does not exceed Rs 5 lakh, then that person will be liable to pay Rs 1,000 only. Those who file their ITR after the due date are not allowed to carry forward any loss other than "income from house property".
In case you have tax due then you will be asked to pay interest at the rate of 1 per cent every month on the due amount.