ITR filing penalty: Here’s how much penalty you will pay after August 31


The last date to file an income tax return (ITR) varies for different categories of taxpayers. However, if you miss it, then you have to pay a penalty.

What is the penalty for late filing of ITR?

“The penalty for ITRs furnished on or before December 31 is Rs 5,000, but doubles that amount for later filings. However, if your taxable income is below Rs 5 lakh, the maximum penalty will be Rs 1,000. On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be 6 months to 7 years”, as per the website of the Income Tax Department.

  • Rs 5,000 if the tax return is filed after the deadline but on or before December 31 of the relevant assessment year (in this case December 31, 2019).
  • Rs 10,000 if the tax return is filed after December 31 but before the end the relevant assessment year, i.e., before March 31 (in this case between 1 January 2020 and March 31, 2029).
  • If you are a small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fees you are liable to pay is Rs 1,000.

How to file ITR online:

Step 1: Log into and go to the e-file option and click on “Prepare and Submit ITR Online”.
Step 2: Select the form that applies to you and the assessment year.
Step 3: Fill in the details and click the ‘Submit’ button.
Step 4: Upload a Digital Signature Certificate (DSC), if applicable so long as it is registered with e-filing. Click on “Submit”.
Step 5: On successful submission without DSC, your Income Tax Return Verification Form (ITR-V) would be displayed on the screen. Click on the link and download the ITR-V.

How to verify ITR?

A person can choose either way to verify his/her ITR. One can instantly e-verify the ITR – say, via Aadhaar on the same portal – or paper verify it by sending a signed copy of the ITR-V to the Department’s Centralized Processing Centre (CPC) by post within 120 days from the date of e-filing.

Last date to file ITR:

The last date to file an income tax return (ITR) varies for different categories of taxpayers. For individuals, Hindu Undivided Families (HUF) and taxpayers whose accounts are not required to be audited, the last date of filing ITR is usually, July 31.

For the financial year (FY) 2018-19, the government has extended the deadline by a month to August 31, 2019.

Courtesy: India Today