What if I miss the Due Date of filing tax?

In case the taxpayer misses the deadline to file his taxes, he will file a late tax return. Belated tax returns will be filed either by the tip of the relevant assessment year or before the completion of the assessment, whichever is earlier. For the current fiscal year, a belated tax return will be filed any time before thirty-first March 2020 if the assessee fails to file his taxes on or before 31st August 2019.
Moreover, If you have missed the due date to file your return, you can still file it before 31 Dec 2019 by paying a fee of Rs 5,000. If you are filing after 31 December 2019, you will have to pay a fee of Rs 10,000. Also to note that the time limit for filing a tax return late for FY 2019-20 expires on 31 August 2019.
Filing Income tax returns on time you will get a lot of benefits Filing your ITR on time can benefit you in the following ways:
  1. Easy Loan Approval from Banks
  2. Claim Tax Refund from Govt.
  3. Income & Address Proof
  4. Quick Visa Processing
  5. Avoid Penalty and prosecution
Benefits of Being a Filer
Being a filer the tax will be reduced by more than 50% and if you are an expatriate/non-resident, you will receive the benefits of a filer. Similarly, on vehicle purchase, the tax for a non-filer is almost double that paid by a filer.

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