• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Your Finance Book

Income Tax | Investing | Stock Market

  • Stocks
    • 10 reasons why share prices decline in the stock market
    • What to look for in growth investing strategy for better return
    • 10 things you must understand before buying stocks
    • Speculating Vs Investing Vs Saving
    • 5 Risk free tax saving investments
    • A beginner’s guide to understand stock’s value – Explained with examples
    • Mutual Fund Basics
  • GST
    • GST registration in India – all you need to know
    • Tax invoice in GST-A complete beginner’s guide for taxpayers
    • Input tax credit in GST – A beginners guide to claim ITC
    • What is inter-state supply of goods and/or services under GST
    • What is intra-state supply of goods and/or services under GST
  • Income tax
  • Tax Rates
  • ITR Due dates

When to pay late filing fee for your Income tax return in India

Last Modified on August 19, 2021 by CA Bigyan Kumar Mishra

If you are taxable in India, then your income tax return must be filed on or before the due date of filing i.e. 31st July of the following financial year. In case you missed it, you can still file your ITR on or before the end of the assessment year. However, in such types of cases, you will be required to a pay late filing fee based on your total income for the respective financial year.

With effect from the financial year 2017-18, the following late filing fee is applicable for filing the ITR after the due date.

Late Filing Fee Details for the Financial year 2019-20

E-filing Datelate filing fee when total income is below 5,00,000 rupeesLate filing fee when total income is above 5,00,000 rupees
Up to Due date of filingNILNIL
Between the due date of filing ITR and 31st December 2020Rs. 1,000Rs. 5,000
Between 1st January 2021 to 31st March 2021Rs. 1,000Rs. 10,000

For the financial year 2019-20, a late filing fee of Rs 1,000 will be paid if your total income is below Rs 5 Lakhs and you have filed your tax return after 30th November 2020 but on or before 31st March 2021. Please note, for the financial year 2019-20 (AY 2020-21), the due date of filing income tax return has been extended to 30th November 2020 due to the COVID-19 outbreak.

If total income is above 5 lakhs rupees, Rs 5000 has to be paid as a late filing fee if ITR has been filed between 1st November 2020 to 31st December 2020. Additional late filing of Rs 5,000 will be paid if the date of filing is in between 1st January 2021 to 31st March 2021.

This means if you file your return after 31st December 2020 but on or before 31st March 2021, 10,000 rupees will be the late fee with an income of more than 5 lakhs rupees.

After 31st March 2021, you will not be allowed to file your income tax return for the financial year 2019-20.

For the financial year 2019-20, the ministry of finance may extend the due date of filing income tax return from 30th November 2020 to another day based on practical difficulties or due to some other issue. Otherwise, the due date of filing will be 30th November 2020. You are requested to re-visit this website to get an update on the extension of due dates for filing an income tax return.

Assessment year is the year immediately following the previous financial year for which return of income has to be filed. The financial year starts from 1st April of each year and ends on 31st March of the next year. This means for the assessment year 2020-21, you file a return of income for the financial year 2019-20. The financial year 2019-20 starts from 1st April 2019 and ends on 31st March 2020.

However, in case of any mistake, you can revise your return on or before 31st March of the following financial year without paying any late filing fee. Earlier, it was allowed to file your revised return within 2 years from the end of the financial year, now it has been reduced to one year.

Also Read : Income Tax Slab Rates For FY 2020-21 & AY 2021-22: For Individuals

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Filed Under: Income tax

About the Author

CA Bigyan Kumar Mishra is a fellow member of the Institute of Chartered Accountants of India. He writes about personal finance, income tax, goods and services tax (GST), company law and other topics on finance. Follow him on facebook or instagram or twitter.

Primary Sidebar

Financial Ratios

  • Accounting tools you can use to choose a winning stocks
  • What are the tools and techniques used in financial statements analysis
  • Can Price to earnings – P/E ratio be used for stock investing
  • Why Price earnings to growth – PEG is used by investors
  • How Earnings per Share or EPS can help you
  • How to use debt to equity – D/E ratio
  • What is Interest coverage ratio

Don’t see a topic? Search our entire website:

Email Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Privacy Policy

Popular Posts

  • How to protect yourself from stock market frauds and scams
  • Income tax rates for Financial Year 2021-22 and 2022-23
  • How to decide which strategy is right for you in stock investing
  • Stock market basics – A complete guide for beginners
  • How to get tax deductions on Life Insurance Premium – Section 80C
  • Why to use Japanese candlestick charting for trading and investing
  • 10 most commonly used stock market jargons you must know
  • How tax is deducted from Salary – 192
  • Tax to be deducted on Professional Fees – 194J
  • TDS On Rent – 194I
  • Things to remember while buying stocks on margin
  • Top 20 reasons why income tax PAN is a must for Indians

Footer

Trending Now

  • What to look for in the financial statements before investing in stocks
  • How to manage fund while investing in stocks
  • A beginner’s guide to mutual fund investing
  • Why share prices move up and down in stock market
  • Price Action trading – How candlestick helps to read mass psychology

Stay In Touch With Us

  • Twitter
  • Facebook

SITE LINKS

  • About Us
  • Contact Us
  • Terms and Conditions
  • Disclaimer
  • Privacy Policy
  • Finance

Legal Disclaimer

The information available through this Site is provided solely for informational purposes on an “as is” basis at user’s sole risk. The information is not meant to be, and should not be construed as advice or used for investment purposes. Yourfinancebook.com does not provide tax, investment or financial services and advice. We make no guarantees … Continue Reading... about Disclaimer

Copyright © 2021 yourfinancebook.com · All Rights Reserved.