Returns for any financial year are filed in the assessment year. Like assessment year FY2019-20 for FY2018-19.
Income tax returns are big news for those filing. CBDT has extended the date of filing of return for the assessment year 2019-20. In a statement issued by CBDT, it is said that in view of the difficult situation of Covid-19, taxpayers are being given further relief. The last date for filing the ITR for the assessment year 2019-20 has been increased from 30 September to 30 November. Even before this, the CBDT had extended the last date twice.
Let me tell you, the return for any financial year is filed in the assessment year. Like assessment year FY2019-20 for FY2018-19. Returns for FY2018-19 by 31 March 2020 can be filed with Fine. However, due to the coronavirus epidemic, its deadline was first extended to 31 July and then to 30 September. Now it has been extended to 30 November.
What if I did not file the return ?
If a taxpayer does not file the return till this deadline, then he will not be able to file the return. Usually a penalty is imposed for not filing income tax returns by the due date. CBDT has extended the last date for filing income tax returns for the third time. ITR was to be filed by 31 March 2020 for the financial year 2018-19. However, this was extended to 30 June. Then it was extended to 31 July. After this, it was increased to 30 September 2020 and now the deadline has been fixed for 30 November 2020.
Penalty for not depositing
After the deadline is over, a penalty of Rs 5,000 will have to be paid on filing the return by 31 December. Whereas if the return is filed after December, then 10,000 rupees will be charged as penalty. Failure to fill ITR can result in jail for three months to two years. If the arrears of income tax is more than 25 lakh rupees, then there can be jail for up to 7 years.