The Finance Minister Nirmala Sitharaman in a press conference has announced that the last date for filing tax returns has been extended.
ITR Filing Last Date Extension: Good news for taxpayers in the Coronavirus crisis. The last date to file Income Tax Return (ITR) for the financial year 2018-19 has been extended. Finance Minister Nirmala Sitharaman in a press conference has announced that the last date for filing tax returns has been extended to June 30, 2020. The interest rate for delayed payment has also been reduced from 12 per cent to 9 per cent.
The last date to file ITR for AY 2019-20 ( financial year 2018-19) without fine was extended by Central Board of Direct Taxes (CBDT) from July 31 to August 31, 2019. For those who had failed to file in time, the due date was March 31, 2020 which has now been extended to June 30, 2020. Failure to file by March 31, 2020 could have led to serious consequences for the taxpayers.
“The taxpayer filing by the extended date of 30 June 2020 will have to pay the late filing fee of Rs 10,000. There is no waiver of late filing fee on delayed filing of income tax returns beyond due date. Detailed notification is awaited,” says Archit Gupta, Founder and CEO, ClearTax. The late filing fee till December was Rs 5,000.
If one has missed ITR filing within the deadline, then as per the rules, one could have filed a Belated Return by March 31, 2020, the last date now stands at June 30, 2020. If tax is due, the interest rate on the due amount has been reduced now.