In the event that a taxpayer misses the tax return deadline, he or she will file a late tax return. Consolidated Tax Returns will be filed on or before the end of the Assessment, for the relevant assessment year. In the current fiscal year, the tax deduction will be completed anytime before March 31, 2020, if the student fails to file his or her taxes before or after August 31, 2019.
In addition, if you missed the due date for filing your return, you can still file a payment of Rs 5,000 by 31 December 2019. If you complete after 31 December 2019, you will have to pay Rs 10,000. It should be noted that the deadline for filing tax returns at the end of 2019-20 is 31 August 2019. If you are not a filer and want to become filer, please visit the blog ‘How to become filer‘
Filing your ITR on time will help you in the following ways:
1. Easy loan approval from banks
2. Claim tax refund from the government.
3. Income & Address Proof
4. Quick visa processing
5. Avoid fines and prosecution
See More:
How to check fbr filer status
How to check NTN number
