InvestorQ : What will be the penalty amount if I am not able to pay tax before 31st August?
sara Kunju made post

What will be the penalty amount if I am not able to pay tax before 31st August?

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Monali Shah answered.
1 year ago
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The due date for filing income tax return for FY 2018-2019 (AY 2019-2020) was 31-07-2019 which has been extended vide, a notification issued in this regard. Now, the said due date is 31-08-2019. To avoid the penalty, a taxpayer must file his return on or before August 31, 2019. Thereafter penalties will be as follows:

If a taxpayer has taxable income up to Rs. 5 Lakhs, he shall be liable to pay Rs.1000/- as a penalty, along with interest @1% per month or every part of month u/s 234a.

If the income exceeds Rs.5 Lakhs, a taxpayer shall be liable to pay Rs.10000/- if the return is filed after 31-12-2019 but before 31-03-2020, along with interest @1% per month or every part of month u/s 234A. The taxpayer shall also be liable for interest u/s 234B and 234C if there was any default in payment of advance tax if an assessed tax was more than Rs.10,000. Filing return after 31-03-2020 is not allowed and hence your return, if not filed by 31-03-2020, shall stand not filed/ invalid.
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