@AlliesFin
1. The due date for filing ITR for Assessment Year 2019-20
For the Assessment Year 2019-20, the due date for return filing was 31 July 2019. Many taxpayers believe that if they have paid their taxes, they have no further obligation. However, missing the ITR filing deadline has legal consequences. Effective from the financial year 2017-18, a late filing fee will be applicable for filing returns after the due date.
2. Late Filing Fees u/s 234F
Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 July 2019 under section 234F. The maximum penalty is Rs. 10,000.
If you file your ITR after the due date (31 July) but before 31 December, a penalty of Rs 5000 will be levied. For returns filed later than 31 December 2019, the penalty levied will be increased to Rs.10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
3. Benefits of filing ITR on time
*Easy Loan Approval
*Claim Tax Refund
*Quick Visa Processing
*Carry Forward Your Losses
*Avoid Penalty and prosecution.
#itr #filling #AlliesFin #tax #saving
1. The due date for filing ITR for Assessment Year 2019-20
For the Assessment Year 2019-20, the due date for return filing was 31 July 2019. Many taxpayers believe that if they have paid their taxes, they have no further obligation. However, missing the ITR filing deadline has legal consequences. Effective from the financial year 2017-18, a late filing fee will be applicable for filing returns after the due date.
2. Late Filing Fees u/s 234F
Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 July 2019 under section 234F. The maximum penalty is Rs. 10,000.
If you file your ITR after the due date (31 July) but before 31 December, a penalty of Rs 5000 will be levied. For returns filed later than 31 December 2019, the penalty levied will be increased to Rs.10,000. There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.
3. Benefits of filing ITR on time
*Easy Loan Approval
*Claim Tax Refund
*Quick Visa Processing
*Carry Forward Your Losses
*Avoid Penalty and prosecution.
#itr #filling #AlliesFin #tax #saving