ITR filing: Filing a belated income tax return attracts a penalty of up to Rs 10,000 as per current laws

Did you know that not filing an ITR or income tax return after due date attracts a penalty? A belated income tax return attracts a "late filing fee" under Section 234F of the Income Tax Act. Filing a belated income tax return - which is defined as an income tax return or "return of income" not furnished on or before the due date - attracts a penalty of up to Rs 10,000. A late filing fee of Rs 5,000 is payable by the assessee for furnishing an income tax return after the due date (August 31) but before December 31 of the assessment year, according to the Income Tax Department's website - incometaxindia.gov.in. That means, an income tax return for assessment year 2019-20 (financial year 2018-19) filed after August 31 but before December 31 will attract a penalty charge of Rs 5,000. (Also read:Wondering which form to use for ITR filing? All you need to know)

In other cases, wherein an income tax return is filed after December 31 but before March 31, a late filing fee of Rs 10,000 is applicable, according to income tax laws. (Also read: Done with ITR filing? This step completes the process)

However, the late filing fee cannot exceed Rs 1,000 in case the total income of the assessee does not exceed Rs 5 lakh, according to the income tax laws. (Also read: Income Tax Department says no change in forms, only software updated)

Meanwhile, the Income Tax Department has extended the due date for assessees to file their income tax returns by one month.

(Also read:How to claim Rs 3.5 lakh income tax deduction against home loans)

Now, income tax assessees - who were originally required to file their income tax returns by July 31 - will be required to file their ITRs by August 31, according to an official statement.