But since due to COVID-19 pandemic the due date for filing belated return of FY 2018-19 i.e AY 2019-20 has been extended upto 30th September, 2020 But, where the assessee has some capital loss or loss from business or profession to be carried forward he should file his return of income within the due date as prescribed u/s 139 (1).

What happens if you do not file ITR for FY 2019-20?

– Goodreturns As there is increasing demand to extend the due date to file ITR for FY 2019-20 and experts also view that not everyone will be able to file ITR by the due date, you might have to shell out a penalty or late fee of up to Rs. 10000.

When is the last day to file a tax return?

For the AY 2018-19, the last day to file a belated return was 31 March 2019. You have already missed this due date. Now you can file return only on receiving notice from Tax officer. However, to minimize your exposure on interest and penalty, I suggest you compute your tax liability and pay the necessary taxes with interest.

When do you not need to file Roi?

From the plain reading of above sections, we found that a company and a firm are required to file a return of income compulsorily for every year whereas any person other than company and firm as defined in section 2 (31) of the Act are required to file ROI when their taxable income exceeds the maximum amount which is not chargeable to income-tax.

When is the due date for income tax?

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30 th September and for others it is 31 st July every year as have been prescribed u/s 139 (1).

Which is the last date to file belated tax return?

Thus, the last date for filing of belated return for the Assessment Year 2016-17 may be only 31.03