If you still haven't filled your Income Tax Returns then you must act fast! August 31 is the deadline to file your I-T Returns. If you fail to file your taxes then you will have to pay a penalty. Depending on your income, your penalty could go up to Rs 10,000 due to delayed filing, as per the ITR guidelines.
If your annual income is up to Rs 5 lakh, you will have to pay Rs 1,000 for late filing. If you file your taxed after the deadline of August 31 but before December 31, then you will have to pay a penalty of Rs 5,000. However, if you file your taxes after December 31 then the penalty will go up to Rs 10,000.
The Income Tax Department usually ends up extending the original deadline by few weeks. The initial deadline for filing taxes was July 31 before it was extended to the end of this month. "The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of taxpayers," the finance ministry had said in a statement on July 23.
The extension was allowed after many entities appealed to the government to extend the ITR filinf date so as to allow enough time to tax payers to file their returns. CBDT had extended the deadline for employers to file their TDS returns from May 31 to June 30, which pushed the deadline for issuance of Form 16 from June 15 to July 31.
Separately, individual tax payers are now required to file I-T Returns electronically, with the only exception being super senior citizens. They can file their returns in paper form.
Moreover, employers will now have to provide a detailed break-up of all components in the Form 16. The I-T department will also now provide pre-filled ITR-1 forms that will have your salary, FD interest income and TDS details.