The financial year is about to get end and here are few things you should know before the year ends. The most important thing one should be sure of before ending the financial year is to ensure if they have filed the ITR of the previous year or not.
So this year, if you haven’t filed the ITR for the financial year, 2018-19, then this is going to be the last chance to fill it late. You are already late but if you don’t fill it by now, you will have to face the consequences.
It is not only about making the tax related deadlines but also include things like advance making payments for tax, and tax saving exercise as well. For making it official, the ITR department has tweeted and listed down the essential and mandatory tax related dates you must be aware of.
For filling the late ITR for the financial year 2018-19, the last date is March 31st, 2020. if you are not able to complete it and file the return before the date, then you won’t be able to do it unless asked by the income tax department. You also have to pay the late fees of rs 10,000 as a tax payer to become late. However, if your income isn’t more than 5 lakhs in a financial year, you only have to pay rs 1,000 a fine.
Also, if you have filed the ITR of 2018-19 but you have made a mistake in filing it, then you have a chance to rectify the mistake now before the date as once the date is gone, you won’t be able to rectify it.
For the people interested in paying the final advance tax instalment for the financial year 2019-20, then you can do it by or before March 15, 2020.