Filing of Income tax return is necessary for every salaried person whose annual income is more than 5 lakh. Failure to file it can also result in many financial losses to the people or jail. Financial losses may 50% to 200% fine.
If you file ITR for FY 2019–20 by 30 November 2020, then it is fine.
If you do not file ITR by the due time and file income tax returns by 31 December 2020, then you may have to pay fine of up to Rs. 5,000/-
Therefore, file your ITR by 30 November,2020, otherwise you may have to pay heavy fine.
If you don not file ITR till 31 December and file ITR by 31 March 2021, you may have to pay a fine of up to Rs. 10,000/-. On the other hand, if the ITR is not filed, then you can not take the loss of current assessment year in the next financial year. In this case fine from 50 percent to 200 percent of the value of tax calculation or can be harsh sentence of 7 years in high value cases.
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