Srinagar, March 22: The Central Board of Direct Taxes (CBDT) has extended the deadline to file the income tax return (ITR) for the financial year 2019-20 to December 31, beyond the usual date of July 31, owing to the ongoing coronavirus pandemic.
According to the rules, individuals below 60 years of age earning Rs 250,000 or more annually are mandatorily required to file ITRs, whereas, the limit for senior citizens or those between 60 years and 80 years of age is Rs 500,000.
This year the government has raised the penalty amount for missing the deadline, by imposing a fine up to Rs.10,000 as opposed to the Rs.5,000 imposed last year. The practise of charging late filing fees under section 234F was introduced in the Budget of 2017 and became effective for the financial year 2017-18 or assessment year 2018-19 onward.