The deadline for filing income tax return (ITR) has been extended to November 30, 2020, for FY 2019-20. But if you file your return after the deadline i.e. on or after December 1, 2020, then it takes away many benefits of the taxpayer including paying fines up to Rs.10,000. Here are some of the consequences that taxpayers will have to face on delay in filing the return:
An income taxpayer is liable to pay late ITR filing fees under section 234F of:
a) 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, 2020).
b) 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 2021 and March 31, 2021).
As per section 234A, the taxpayer is liable to pay simple interest at 1% per month or part of a month for delay in filing the return of income.
