As we are coming towards end of the financial year i.e. March, 2020, various things are going on simultaneously such as last month for investment pertaining to FY 2019-20 for tax savings, various due dates, etc. Most importantly, everyone has to keep in mind that the last date for filing of belated return is coming closer i.e. 31st March, 2020.
As we all are aware that, Finance Act, 2016 has amended the Section 139(4) and reduced the time limit to file belated return. Now the last date for filing belated return will be till the end of Assessment year. E.g. For FY 2018-19 belated returns can be filed upto 31st March 2020.
Further, please note that, any return filed after due date till the end of assessment year has to pay some penalty u/s 271FA as under:
|Date of Filing Income Tax Return||Penalty under Section 271FA|
|If the return is furnished after the due date of filing but on or before the 31st day of December||Rs. 5,000|
|In any other case i.e if file after 31st December||Rs. 10,000|
|Note: If the total income of the person does not exceed Rs. 5,00,000/-, the penalty payable under this section shall not exceed Rs. 1,000/-.|
To conclude, it is a reminder for all taxpayers to file their return in prescribe time to avoid further consequences.
Republished with Amendments