Not filed ITR for FY 2018-19? March 31 is your last chance
There are few important financial deadlines in the month of March that an individual taxpayer needs to be aware of. These include filing a belated tax return, revised return and payment of advance taxes.
This is not the only tax-related deadline that falls in the month of March; others include the last date to complete your tax-saving exercise and making payments for advance tax. The income tax department, via a tweet, has listed out the important tax-related dates that taxpayers should be aware of for the month of March.
Mark your calendar! Here are the important dates for the month of #March2020 for your convenience. To access the f… https://t.co/vyPq4KwXl9— Income Tax India (@IncomeTaxIndia) 1583221353000
Here is a look at those deadlines that fall in the month of March.
- Belated filing of ITR
Further, while filing belated ITR, an individual taxpayer will be required to pay late filing fees as well. Late filing fees of Rs 10,000 will be levied on the taxpayer. However, late filing fees will not exceed Rs 1,000 if an individual taxpayer's income does not exceed Rs 5 lakh in a financial year.
- Revised ITR
The last date to file a revised return for FY 2018-19 is March 31, 2020. If you miss this date, then you will not be able to file a revised return.
Another thing that a taxpayer must remember is that if a belated ITR is filed on March 31, 2020, then a taxpayer would miss out an opportunity to file a revised return if a mistake has been discovered.
- Payment of advance taxes
If the advance tax payment is made after this date, then interest will be levied.