New Delhi: Central Board of Direct Taxes (CBDT) On July 23 income tax return Fill date is extended. Now, by August 31, the returns can be filled. The last date for filing of the first return was July 31. Tell us, by August 31, you have to file a return for the financial year 2018-19. In such a case, there would have been a question in your mind about what would happen if no taxpayers file returns. In this article you are going to give full information about this.
1. If any taxpayers do not file returns until August 31, then by December 31, 2019, they can file returns with late penalty. The late penalty is up to Rs 5000. This is called to file a b-rated return.
2. If the deadline of December 31, 2019 has passed then Taxpayers (individual) will have the opportunity to file the returns by March 31, 2020. But, he will have to pay a fine of Rs. 10000. Let me tell you, this was not the first rule. However, this rule was added in the assessment year 2018-19. This is the income tax 234 F of the Income Tax Act.
These are general rules. But, there are many terms and conditions along with these rules. If anybody's total income is more than 5 lakhs, then in any case it can not recover the penalty of more than 1000 rupees. Let me know, if you have filed a return on time, then there are many benefits. There will be no problem in taking a loan because the Cibill score will be good. There will be no problem in the tax refund. If you want to travel to another country, who have filed returns on time, they will be issued a visa easily.