Yes, you heard it right. This is a warning bell, Itâ€™s time to check whether your income tax return is filed or not for Assessment Year 2019-2020.
31st Marchâ€™2020: The last date for Income Tax return u/s 139(4) for Financial Year 2018-19.
So, this will be last chance to file the Income Tax return else you have to face the consequences for non-filing of the income tax return.
As we all are aware that as per amended Section 139(4) after Finance Actâ€™2016;
‘Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier’.
E.g:Â Income Tax Return for the Financial Year 2018-19 can be furnished by the end of the relevant assessment year. The relevant assessment year for the Financial Year 2018-19 is year 2019-20.
Thus, the maximum time to file the Income Tax Return is 31st Marchâ€™ 2020 for the Financial Year 2019-20.
The TIME BOMB of 31st Marchâ€™2020 is approaching. Hence, get the Income Tax Return filed for the Financial Year 2018-19 to avoid any adverse consequences of non-filing of the income tax return.