Due Date for Income Tax Return Filing: FY 2018-19 & AY-2019-20
What is Income Tax: Simple Definition?
Income tax is that tax which is imposed on total income earned by you. Through this article, we are talking about due date for filing the return of income tax. We also discuss the result of late filing of income tax return.
The department of income tax is managed by the revenue department under finance ministry for administering the notifications, rules and laws associated with income tax. Income tax is levied on total income earned by you in a financial year and this tax is a direct tax. You need to pay income tax to the Indian government directly on the total income which you earned in a financial year.
Income tax is normally imposed on an artificial juridical person, local authority, body of individuals, association of persons, Limited Liability Partnership (LLP), firms, companies, HUF (Hindu Undivided Family), and the individuals depending up on their status of residence. For the government of India, income tax is a very important revenue source for funding the government activities and for serving the nation.
Last Date for Filing Income Tax Return for Assessment Year 2019-20
For the assessment year 2019-20, the last date for filing the income tax return is 31st July 2019.
As a taxpayer, establishments and the individuals who earns income are need to file the income tax on the nature and source of the income and the income tax percentage applicable is needed to be paid on a specific day as per the notification of the department of income tax. Specific kind of taxes are collected on an occasional, periodical or a regular basis.
Year of assessment is that year in which income is assessed. In an assessment year, we file return of tax, and pay taxes for the financial year or the previous year. For the financial year 2018-19, the year of assessment is 2019-20. For the financial year 2018-19, the last date of filing the return of income tax is 31st July 2019.
Last Date for Filing Income Tax Return for Financial Year and Assessment Year 2019-20 for AOP (Association of Persons)/HUF (Hindu Undivided Family)/BOI (Body of Individuals)/Individuals
For financial year 2018-19, and assessment year 2019-20, the important due dates for filing the return of income tax are given below:
For AOP (Association of Persons)/HUF (Hindu Undivided Family)/BOI (Body of Individuals)/Individuals the due date is 31st July 2019.
The due date for filing the return of income tax by those businesses whose account books are not needed to audit is 31st July 2019.
The due date for filing the return of income tax for those assessee who under the section 92E need to provide the report is 30th November 2019.
The due date for filing the return of income tax by those businesses whose account books need to be audited is 30th September 2019.
Due Dates for Filing Advance Tax for Financial Year 2019-20
For the financial year 2019-20, the important due date for filing the advance tax is given below:
For the financial year 2019-20, the due date for filing advance tax first installment is 15th June 2019.
For the financial year 2019-20, the due date for filing advance tax second installment is 15th September 2019.
For the financial year 2019-20, the due date for filing advance tax third installment is 15th December 2019.
For the financial year 2019-20, the due date for filing advance tax final and fourth installment is 15th March 2020.
Belated Return: Filing of Income Tax Return after Due Date
A return of tax which is filed after that year due date is known as a late return of tax or a belated return of tax.
Penalty for Late Filing of Income Tax Return for Assessment Year 2019-20
On those returns of tax which are belated, a penalty of fixed amount is charged for the assessment year 2019-20.
If the income tax return is filed after the date due and before 31st December, then according to the section 243F, a penalty of late fee around Rs. 5,000 is charged. A penalty of Rs. 10,000 is charged if the return of income tax is filed up to 31st March.
The late fee is not more than Rs. 1,000 if the total income taxable of an individual is not more than Rs. 5 Lakhs.
Specific losses such as those from profession and business and capital loss short-term will not permitted to carry forward.
On the refund of income tax, the tax payer does not receive any type of interest.
What is the outcome if you are not able to file even a belated return of income tax?
Apart from charging the penalties the department of income tax under the income tax act, section 142(1) will sent you an inquiry notice and as per section 148, the department of income tax will send you a notice of escaping income assessment.
Therefore, you require filing the return of income tax online according to the date given in the notice.