HSL Mobile App When it is mandatory for you to file income tax return?
HDFC, Tester
It is mandatory for you to file income tax return if your Gross Total Income exceeds the threshold limit of Rs 2.5 lakhs annually for individuals, Rs.3 lakhs for senior citizen and Rs.5 lakhs for super senior citizenor Tax Deducted at Source is there against your income for which you wish to claim tax refund. You would also need to file income tax return in case of short term or long term capital losses which can be claimed in the next assessment years.
However, a company or firm irrespective of whether income or loss during the financial year ,have to compulsorily file the Income Tax Return.
For NRI they should file income tax return if:-
- There is a TDS in their PAN in their 26AS – to claim tax refund
- Have a loss that they want to carry forward.
- Income exceeds the exemption limit.
Due date for filing returns
|
Tax Payer Category |
Due Date of ITR* |
|
Individual Taxpayers (including senior and super senior citizens) |
July 31, 2019 |
|
AOP (Association of Persons)/BOI (Body of Individuals) |
July 31, 2019 |
|
HUF (Hindu Undivided Family) |
July 31, 2019 |
|
Individual or Businesses (requiring Audit or Tax Audit) |
September 30, 2019 |
Penalty on late filing of ITR
As per the new law from last year - assessee will have to pay late fee after the due date to file income tax return
- Rs 5000 if tax return is filed after due date of 31stJuly 19 but on before 31st Dec 2019
- Rs 10,000 if tax return is filed after 31st Dec 19 but before 31st March 2020
- You will not be allowed to file tax return post the end of Financial year 2020 for Financial Year 2019.
Butthere is a relief to small taxpayer - IT Department has stated if your total income does not exceeds Rs 5 Lakh then maximum penalty of Rs 1000 will be levied on delay of ITR filing.
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