Why you should file belated ITR, correct ITR errors before March 31
Once this opportunity is missed, then you will not be able to file your ITR for FY 2018-19. In such a case you will be able to file the ITR only in response to a notice or apply to the income tax department for permission to file the ITR if a refu...
The Income Tax Department, through its Twitter handle, has been reminding taxpayers not to delay filing their ITRs any longer. On March 12, the department tweeted about how to file belated ITR via its e-filing portal in three steps.
Delay no longer! You can file your #IncomeTaxReturn in just 3⃣ easy steps! Here is a step-by-step guide for your… https://t.co/0Z9ZgPRM4w— Income Tax India (@IncomeTaxIndia) 1584009226000
Dr Suresh Surana, Founder, RSM India, says, "It is important that individual taxpayers who have to file belated ITR or revised tax return for FY 2018-19 should do it before the deadline of 31st March 2020, as after that they will not be able to file tax returns for FY 2018-19. Also, the e-filing website of income tax department does not support any filing of a tax return for FY 2018-19 after that date."
Therefore, once you miss this opportunity, then you will not be able to file your ITR for FY 2018-19 in the normal course. In such a case you will be able to file the ITR only in response to a notice or apply to the income tax department for permission to file the ITR if a refund is due.
- Penalty for belated ITR filing
However, in case of revised return, no such penalty will be levied.
- Consequences of not filing ITR/correct ITR
Abhishek Soni, CEO & founder, Tax2win.in, an ITR filing website, says, "In case you have not reported any income at the time of filing ITR and this unreported income is later discovered by the Income Tax Department, then later a penalty of 50 per cent /200 per cent for under-reporting /mis-reporting of income, as the case may be, will be leviable on you."
Therefore, you must file belated/revised ITR as applicable to you.
- Relief for certain taxpayers for belated ITR filing