InvestorQ : What is the late filing fee on ITR filed after the due date?
Neha Sharma made post

What is the late filing fee on ITR filed after the due date?

Answer
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Monali Shah answered.
5 months ago
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The due date for filing income tax return for assesses not liable to tax audit is 31st December 2020 and for those liable to tax audit it is 31st January 2020. If one does not file their Income Tax return before the deadline, they shall be liable to late filing fees of:

Rs 5,000 if a tax return is filed after the deadline but on or before 31st December 2020. Since the due date for filing ITR for FY 2019-20 (AY 2020-21) is 31st December 2020, this clause is not applicable. Rs 10,000 if the tax return is filed after 31st December 2020 but on or before 31st March 2021.

However, if you are a small taxpayer and your gross total income does not exceed Rs 5 lakh in FY 2019-20, you will be liable to a late filing penalty of Rs 1,000 and not Rs 10,000. The late filing fee is leviable under section 234F of the Income-tax act.
Good news! For taxpayers whose gross total income does not exceed the basic exemption limit shall not be liable for any late filing penalty on the belated return, i.e., return after the due date. 

The basic exemption limit is as follows:
Resident individuals below 60 years: Rs 2,50,000
Resident individuals aged 60 years and above (Senior citizens): Rs 3,00,000
Resident individuals of age 80 years and above (Super Senior Citizens): Rs 5,00,000
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Ishita Jain answered.
5 months ago
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Good news! Taxpayers, Income-Tax return filing deadline has been extended for all categories of taxpayers.
For taxpayers liable for audit: Due Date- 15th February 2021 from earlier 31st January 2021.
For taxpayers not liable to tax audit: Date- 10th January 2021 from earlier 31st December 2020.
The last date for the passing of orders under Vivad se Vishwas scheme has been extended to 31st January 2021 from 31st December 2020.
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Purvesh answered.
5 months ago
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Due to the pandemic situation, the government of India has extended the return filling date to 10th January 2021.
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