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<ul><li>People who have not filed an <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword> before the due date are still eligible to file belated return</li><li>In case you forget to file your <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> at all, then the IT department is going to send you a notice to conduct legal proceedings</li><li>The Income Tax authorities extended the deadline to issue Form 16 till 10 July</li></ul> If you haven’t filed your income tax return yet, better hurry because you will have to pay a penalty and face restrictions in case you forget to fill ITR before the due date. The Income Tax authorities extended the deadline to issue Form 16 till 10 July, which in turn extended the deadline to file an income tax return (ITR) for FY18-19 to 31 July. What is a belated return? People who have not filed an income tax return before the due date are still eligible to file belated return any time during the current assessment year 2019-2020. Individuals can file belated return till 31 March 2019 or before the completion of assessment, whichever is earlier. The Penalty However filing belated returns comes with late fee and certain restrictions. The Income Tax department is going to levy a penalty of ₹5000 in case you file your return before 31 December of assessment year and ₹10,000 if the return is filed between January 1 and March 31. Further, people below the income of ₹5 lakh per annum will not be charged more than ₹1,000. The penalty is required to be submitted before the belated return. The Income Tax will levy a penalty irrespective of whether there is any tax due or not. Besides the penalty, you will also be required to pay interest on taxes for all the months till you file ITR. And in case you forget to file your ITR at all, then the IT department is going to send you a notice to conduct legal proceedings. This can include jail term between three months to two years. The jail term can go as high as seven years if the tax is more than ₹25 lakh.

ITR Filing: Missing income tax return dates can put you behind the bars

The taxation laws in India contain a number of provisions to let the tax payers save on taxes. By taking some informed decisions on how you spend and account, you can save on taxes in a legitimate way. Here we discuss some important deductions under the Income Tax Act 1961. Tips to save on income tax Make the right use of Rs.1.5 lakhs limit allowed under Section 80C Investing up to a limit of Rs. 1.5 lakh in schemes like Tax-Saver FDs, PPF (Public Provident Fund), ELSS Funds, NSC (National Saving Certificate), Life Insurance Premiums, National Pension System (NPS), Home Loan Repayment, Payment of tuition fees of your children, EPF, Senior Citizens Savings Scheme, and Sukanya Samriddhi Yojana can enable you for appropriate tax deductions depending on the case. National Pension System This deduction facilitated by Section 80CCD (1B) allows up to Rs 50,000 for contributing to the National Pension Scheme. The NPS makes it possible to invest in equity and debt pension funds for building a corpus for the retirement life. This can be withdrawn at 60 years of age. Health Insurance Premiums Paying for health insurance premiums can let you qualify for a deduction up to Rs 25,000 under Section 80D. This is permitted on top of all the deductions listed above. In case of senior citizens, this limit is up to Rs. 50,000. The taxpayer contributing towards health insurance premiums for himself as well as for a senior citizen can claim a combined deduction of up to Rs. 75,000 per annum. Deduction on your rent If you are getting HRA, it is possible to claim tax deduction on your House Rent. Though there is no upper limit specified for this, there are some rules that place a cap on the maximum deduction. If you do not get HRA but pay towards rent, a maximum claim of up to Rs. 60,000 per annum is allowed under Section 80GG. Deduction on the home loan interest When you have a home loan running, the interest you pay towards the home loan is tax deductible under Section 24 of the Income tax Act. The maximum limit that you can claim in this regard is Rs. 2 lakh. If the house is rented out, there is no upper limit. Money in your savings account The easiest way to save money on income tax is to keep some money in your savings account. Up to a limit of Rs. 10,000 per year, the interest on savings accounts is tax free under the Section 80TTA. In case of senior citizens, this limit is up to Rs 50,000 applicable in cases of both FD and savings account interest. Give for charity Donations made towards charity enable you for tax deductions. Though there is no upper limit for this, there are different rules that restrict the amount deductible on the contributions towards charities. Across a majority types of donations to the NGOs, this limit is fixed at 50% of the donated amount and up to 10% of the total income that is adjusted. If you want to claim this deduction, the NGOs to which you contribute must have 80 G certificate.

How to save Income Tax in India Schemes to Invest in 2019

In the budget announced in 2018, the total cess on income tax increased by 4%. However, the income tax rates and the existing tax slabs remained unaltered. The two factors that decide the basic exemption limit of an individual are age and residential status. Nirmala Sitharaman, the first full time Finance Minister of the country announced the 2019 budget recently which introduced new surcharges for super-rich category of taxpayers. The EY analysis says once the budget proposals are approved by the Parliament, the effective tax payable by the super-rich will be more than 40% of their income. The said changes will take effect from April 1, 2019. 2019 budget did not announce any change in the <keyword id="120700" type="PERSON" weightage="20" keywordseo="Income-Tax-slabs">income tax slabs</keyword> and rates. Rs. 12,500 rebate is applicable to taxpayers who have a taxable income of Rs. 5 lakhs. Under section 87A, this rebate is made available. The value of standard deduction for the financial year 2019-20 will be Rs. 50,000. Surcharges that will come into force for FY 2019-20 once the budget is passed in the Parliament <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Taxable Income </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Surcharge </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income above Rs 50 lakh but below Rs 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income above Rs 1 crore but below Rs 2 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">15% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income above Rs 2 crore but below 5 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">25% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income above Rs 5 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">37% </td></tr></tbody></table> As per the 2019 budget, find below the latest income tax slabs that will be applied for the FY 2018-19 and AY 2019-20. The basic exemption limit allowed for an individual depends on age and residential status. Based on age, three categories of tax payers are identified by the taxation procedures. 1. Individuals below 60 years of age 2. Senior citizens between 60 years and 80 years of age 3. Super senior citizens above 80 years of age Income tax slabs for Individuals below 60 years of age <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income slabs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rate of income tax and cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs 2.5 lakh </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Nil </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 2,50,001 to Rs 5,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% of (Total income minus Rs 2,50,000) + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 5,00,001 to Rs 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 12,500 + 20% of (Total income minus Rs 5 00,000) + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 10,00,001 and above </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess </td></tr></tbody></table> Income tax slabs for senior citizens between 60 and 80 years of age (Senior Citizen) <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income slabs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rate of income tax and cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs 3 lakh </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Nil </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 3,00,001 to Rs 5,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% of (Total income minus Rs 3,00,000) + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 5,00,001 to Rs 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 10,000 + 20% of (Total income minus Rs 5, 00,000) + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 10,00,001 and above </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess </td></tr></tbody></table> Income tax slabs for super senior citizens above 80 years of age (Super Senior Citizen) <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income slabs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rate of income tax and cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs 5 lakh </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Nil </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 5,00,001 to Rs 10,00,000 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% of (Total income minus Rs 5,00,000) + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 10,00,001 and above </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess </td></tr></tbody></table>

Income Tax Slab For Filing ITR (Income Tax Return)

The first draft of a new simplified <keyword id="20211090" type="General" weightage="20" keywordseo="income-tax-law" source="keywords">income tax law</keyword>, as proposed in the Budget, will be prepared by an internal committee of the tax department and will undertake stakeholder consultation before finalising the legislation, <keyword id="20419783" type="General" weightage="20" keywordseo="revenue-secretary" source="keywords">Revenue Secretary</keyword> <keyword id="301743" type="General" weightage="20" keywordseo="Sanjay-Malhotra" source="Orion">Sanjay Malhotra</keyword> said on Thursday. Malhotra said that the exercise is not linked to bringing a new <keyword id="22542056" type="General" weightage="20" keywordseo="direct-taxes-code" source="keywords">direct taxes code</keyword>, but a comprehensive review of the <keyword id="6354751" type="General" weightage="100" keywordseo="Income-Tax" source="Orion">income tax</keyword> law. Finance Minister Nirmala Sitharaman in her Budget speech earlier this week announced that a comprehensive review of the Income-tax Act, 1961 will be completed in six months. "The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation," Sitharaman said. To a question whether the review would mean that the government will come with a direct tax code, Malhotra said "It is not a new direct tax code... It is a comprehensive review". He said the first draft of the <keyword id="22542055" type="General" weightage="20" keywordseo="simplified-Income-Tax" source="Orion">simplified income tax</keyword> law, post the review, would be prepared by an internal committee of the tax department. "We would like to have a collaborative approach.... The first draft will be prepared by an internal team and then we will see how to go ahead with stakeholder consultation," Malhotra said at an interactive session with industry chamber Ficci.

First draft of new and simplified Income Tax law to be prepared by internal tax dept committee: Revenue Secretary

The Central Board of Direct Taxes (<keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>) has formed a six-member panel to look into the ‘efficacy’ of the existing primary litigation mechanism for <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">income tax</keyword>. 
 
 
An estimated tax revenue of Rs four lakh crore is locked up in litigation. The empowered committee will also suggest measures to reduce legal cases and submit its report in eight weeks. 
 "It has been decided to constitute a committee to appraise the efficacy of existing dispute resolution forums of Commissioners of I-T (Appeals) and <keyword id="6362528" type="ORGANIZATION" weightage="100" keywordseo="Income-Tax-Appellate-Tribunal">Income Tax Appellate Tribunal</keyword> (ITAT) and to suggest steps to reduce litigation before these forums," the apex direct taxes body said. 
 
According to the terms of reference issued by the CBDT, the committee will carry out detailed analysis of appellate orders and assessment orders on various aspects and suggest measures to reduce litigation before CIT (Appeal). 
 
It will also "study the efficacy of existing system of filing appeals to the ITAT by the department and suggest steps to reduce litigation before the ITAT after analysing various aspects." 
 
There is a four-stage grievance redressal and litigation mechanism available to a taxpayer, beginning with an appeal to the Commissioner of I-T Appeals called CIT (A), up to the ITAT and subsequently to the high courts and the Supreme Court.

CBDT Constitutes 6-member Panel To Reduce Income Tax Disputes

<ul><li>Challan 280 is meant for paying advance tax, self-assessment tax, taxes on distributed income and profits, regular assessment tax and paying other extra charges.</li><li> It can be submitted either online or offline via banks.</li><li>Challan 280 is an arrangement by the government to gather taxes easily and also provide instant, quick and more convenient ways of paying taxes online for the tax payers.</li></ul>Payments are going digital these days. Digital payments are fast, secure and eliminate the risks of handling physical cash. Accounting the digital payments is easy. While the country has been taking steps to boost up digital payments, the Department of <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> is also introducing several conveniences in these lines for the tax payers. Challan 280 is an arrangement by the government to gather taxes easily and also provide instant, quick and more convenient ways of paying taxes online for the tax payers. Challan 280 is meant for paying advance tax, self-assessment tax, taxes on distributed income and profits, regular assessment tax and paying other extra charges. This form can be downloaded easily. It can be submitted either online or offline via banks. How to make online payment via <keyword id="7919535" type="UNKNOWN" weightage="20" keywordseo="income-tax-challan-280">Income Tax Challan 280</keyword> For utilizing the online method of paying taxes, the taxpayer must first visit the National Securities Depository Limited (NSDL) website and then choose the Challan 280 payment option. Individual taxpayers must choose the option (0021) which is meant for paying income tax other than companies. The page will ask you to enter some pieces of information including PAN number, year of assessment, residential address, mobile phone number, email id and others. Select from the different types of tax payment including final taxation for the year or advance tax or self-assessment tax etc. After selecting the taxation type, you will have to fill in the details asked on the page. Select the bank that will process the payment for you and enter the captcha code before submitting the form and verifying all the entered details. When you submit the ‘Proceed’ button, you will land on the bank’s webpage that will process the payment. Once you have made the payment successfully, you will get an acknowledgement towards the payment that will also contain the BSR code, serial number of the challan, amount paid, and date of payment. How to make offline payment via Income Tax Challan 280 If you wish to use the offline method of paying through challan 280, you must first download the challan 280 from the income tax website. In the hard copy of the challan you will have in your hand, fill in the details including the tax amount, year of assessment, PAN, address, email id and phone number. You can pay the tax in the offline mode via challan 280 through any authorized bank’s branch in cash or via cheque. The bank will also give an acknowledgement to the tax payer towards the payment with details including the BSR code, payment date, serial number of the challan and the amount paid. Important points to note while using challan 280 for tax payment If you might face any problems or difficulties while using the NSDL website and providing non-financial details, you can get the required assistance by calling the toll free number 1800-222-080. You can also check the status of the payment via challan 280 by providing the details including challan date, serial number of the challan and the BSR code of the bank.

What is Income Tax Challan 280 Online Payment

As per the regulations put in place by the Income Tax Department, individuals are expected to file Income Tax Returns (ITR) on or before July 31 of every financial year. For example, if you are filing the income tax returns of Financial Year 2018-19 which ends on March 31, 2019, you must do the filing on or before July 31, 2019. Here we discuss how to file income tax returns for the previous years if you have missed them out. Filing <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword> for the previous years As per the Finance Act amendment 2016, it is possible to file the delayed IT returns any time before 1 year after the corresponding assessment year has ended. What to do if you get a late payment notice? If the income tax department sends you a late payment notice directing you to tile the returns that stretch beyond 2 financial years in the past, you can prepare your tax returns accordingly and submit it to the department. Taxpayers are expected to file old returns when they get an IT notice. Starting from AY 2018-19, the time limit allowed for filing a revised IT return has been reduced. If you need to make some changes in the original like rectifying the omission or correcting the errors, you must do so before the end of the corresponding AY. Till AY 2017-18, the time limit of 1 year was allowed for filing a revised return from the end of the corresponding AY. What are the negative sides of filing belated IT returns? When you file IT returns late, you are supposed to pay the interest as per the sections 234A, 234B and 234C. If the It returns are filed on or before 31 March of the corresponding AY, a fee of Rs 5,000 will be charged under Section 234F. After this date, the fine will go up to Rs 10,000. How to file the missed returns? The Finance Act 2016 amendment has created provisions to file the IT returns once the taxpayer has missed out the due date. Filing the missed returns in allowed only in some specific cases. Requests for filing income tax returns for the previous years are accepted if the IT department finds that your case is genuine, based on some real difficulties, a refund is due on account of excess tax deduction or TDS or advance tax or self-assessment tax. Delayed IT returns can be filed for the previous years within a period of six years from the end of the assessment year. For example, if you have missed it out, you can file the IT returns of March 31, 2019 up to March 31, 2024. If you have not paid the tax for the FY 2017-18 for example, you must pay it along with the interest applicable as per the Section 234A, 234B and 234C. If you have paid you taxes in time but have not filed the returns in time, you will get a notice from the IT department asking you to file the ITR in this case, you will have to pay a penalty of Rs. 5,000. The legal actions that will be taken for not filing the ITR in time include penalizing, fines, or even imprisonment.

How to file the income tax return for the previous year

The income tax slabs have undergone a revision during the latest budget in India and here is a summary of different income tax slabs you must know for the financial year 2019-20. For earnings up to 5 lakhs in a year, no income tax is applicable. The exemption allowed on up to 5 lakhs income per year is combined with deductions on savings facilitated by Sector 80. This will imply that those that are earning till Rs. 6.5 lakhs per annum need not pay any income tax. In case of salaried employees, a standard deduction of Rs. 50,000 is allowed. The TDS threshold on income through rents in raised to 2.4 lakhs from 1.8 lakhs. On bank and post office deposits, the threshold on interests are raised from Rs. 40,000 from Rs. 10,000. Income tax slab for <keyword id="7824722" type="UNKNOWN" weightage="20" keywordseo="individual-tax-payers">individual tax payers</keyword> aged less than 60 years (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income range per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 2.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 2.5 lakhs to Rs.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 5 lakhs to Rs. 10 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 10 lakhs to Rs. 50 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 50 lakhs to Rs. 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 10% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs.1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% +15% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rebate as per Section 87 (A) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">100% tax rebate is allowed for a maximum value of Rs. 2,500 in case of resident individuals whose total income is not above Rs. 3.5 lakhs </td></tr></tbody></table> Income tax slab for senior citizens aged between 60 and 80 years (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income range per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 2.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 2.5 lakhs to Rs.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">5% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 5 lakhs to Rs. 10 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 10 lakhs to Rs. 50 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 50 lakhs to Rs. 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 10% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs.1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% +15% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Rebate as per Section 87 (A) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">100% tax rebate is allowed for a maximum value of Rs. 2,500 in case of resident individuals whose total income is not above Rs. 3.5 lakhs </td></tr></tbody></table> Income tax slab for senior citizens aged above 80 years (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Income range per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 2.5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Up to Rs. 5 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">No Tax </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 5 lakhs to Rs. 10 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">20% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 10 lakhs to Rs. 50 lakhs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">From Rs. 50 lakhs to Rs. 1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% + 10% surcharge + 4% cess </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Above Rs.1 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% +15% surcharge + 4% cess </td></tr></tbody></table> Income tax slab for firms and domestic companies (FY 2018-19 AY 2019-20) <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Tax category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Firms </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Domestic companies </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Turnover up to Rs. 50 crores </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">25% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Turn over above Rs. 50 crores </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Surcharges </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">If the total income exceeds 1 crore, 12% of tax is applied as surcharge </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">7% of tax if income exceeds 1 crore but is below 10 crore. 10% of tax in case the income exceeds Rs. 10 crores </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Cess </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">3% of tax + surcharge </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">3% of tax + surcharge </td></tr></tbody></table>

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