The deadline for filing income tax return for corporate and other assessees who are to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed under the Act.
However, due to the pandemic, the due date of furnishing the Income Tax Return for FY 2018-19 has been extended till 31st July, 2020 and for FY 2019-20 till 30th November, 2020. Also, under section 139(4) a belated return can be filed at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.
Many people have a query what will happen if we do not file the Income Tax Return by the deadline. There are many benefits of filing the Income Tax Return. But, here we are discussing only the adverse consequences of Non-Filing of the Income Tax Return which includes Penalty under Section 271F of Income Tax Act, 1961, Interest under Section 234A of Income Tax Act, 1961, Non-Carry Forward of Losses, Best judgment assessment, Claim of Refund of Taxes, Prosecution for Failure to Furnish Return of Income etc.
The same in detailed are listed below:
Read more on: https://taxguru.in/income-tax/consequences-filing-itr-due-date.html
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