ITR filing for FY 2019-20: Just 2 days left for filing ITR, know penalty you need to pay for missing deadline

New Delhi: In the wake of the COVID-19 pandemic, the government had extended the due date of filing all Income Tax Return (ITR) for FY 2019-20 to December 31, hence there are just 2 days remaining for you to file your income tax.

This year, taxpayers are required to submit the returns for the FY 2019-20 financial year and the assessment year would be AY 2020-21.

While it is advised that you must file your ITR before the end of the deadline, however if somehow you miss the deadline, you can still do so by paying penalty.

Filing ITR can be done both online and offline. Not filing ITR or late filing can attract penalty up to Rs 10,000. The penalty will be decided on the earning of the individual and also between the window in which ITR has been filed.

Here is all you want to know about the penalty on late filing of ITR:

For those earning Rs 5 lakh p.a, ITR filed before the deadline will not involve any penalty. However if you file your ITR after the deadline, you will have to pay a penalty of Rs 1,000.

For those earning above Rs 5 lakh, the penalty will be Rs 10,000 for late filing of ITR post the deadline.

In a big relief to millions of taxpayers, the government had extended the last day for filing of Income Tax Returns (ITR) for the FY 2019-20 period several times. The Income Tax Department had also issued advertisement guiding taxpayers over their ITR filing on multiple occasion.