new Delhi: There has been news of relief for crores of people paying income tax. The central government has extended the last date for filing income tax in view of the current situation of Coronavirus epidemic in the country. The government has extended the last date for filing of Income Tax Return for the financial year 2018-19 and up to two months i.e. 30 September.
The Income Tax Department said, “In view of the corona virus epidemic, the Central Board of Direct Taxes (CBDT) has given the last date for filing of income tax returns for the financial year 2018-19 (assessment year 2019-20), giving further relief to the income tax payers. Has been increased from 30 September 2020.
It is noteworthy that the date of filling the original or revised income tax returns for the financial year 2018-19 has been extended for the third time.
In fact, the last date for filing returns without any penalty for the financial year 2018-19 was 31 July 2019, which was extended by the government on 31 August 2019. After this date, the opportunity to file ITR for the financial year passed was till 31 March 2020 but with penalty. Now this opportunity is till 30 September 2020. It is important to remember here that returns filed late cannot be revised.
What does the rule say
Under Section 139 (1) of the Income Tax Act, there is a provision for late fees under Section 234F for not filing returns within the stipulated time for filing returns for the Assessment Year (AY) 2019-20. After 31 August, those who filed returns between 1 September 2019 and 31 December 2019 had to pay a late fee of Rs 5,000. However, a penalty of only Rs 1000 was imposed on those earning less than Rs 5 lakh.