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In case you want to make a change or correction in your original return filed for FY19, you can also file a revised return.
The deadline for filing of income tax returns (ITR) for the assessment year 2019-20 (financial year 2018-19) is on September 30. Amid the coronavirus pandemic, the last date for filing AY 2019-20 income tax return was extended thrice. It was first revised till June 30 and later till July 31.
In case you want to make a change or correction in your original return filed for FY19, you can also file a revised return.
Also, as there is no relief on penalty on delay or interest on tax due in case you delay the filing of your belated return, it would be better to file at the earliest. Here are some scenarios:
If you don't file returns: In case you don’t file belated ITR within the due dates, the tax department can send a notice. If the deadline is not extended, it may be your last chance to file the tax return for FY19 as the tax department doesn’t allow the filing of tax returns after the due date.
There is a lengthy process to file a return after the due date and is generally allowed only in special circumstances.
No relief from penalty and interest on tax due: In case the taxpayer misses the ITR due date (which was 31 August for FY19), a flat penalty of Rs 5,000 will be levied when you file belated returns till December 31, and Rs 10,000 if you file after December 31 till March 31.
For small taxpayers with income up to Rs 5 lakh, a penalty of Rs 1,000 is applicable in case of filing belated ITR till March 31. Even if you file the belated return for FY19 by September, you will have to pay a late filing penalty of Rs 10,000.
Delay in refunds: In case you have a refund due, they will be delayed as the processing of refunds will only start after you have filed the tax return. The tax department pays interest on refunds from the date of filing of return in case of late returns, so in case of delay, you will lose the interest on refund if there is any.