File your ROI by 31st March 2020.

 

It’s almost the end of Financial Year 2019 – 2020. Since, March is the last month of the financial year, there are certain crucial deadlines which taxpayers must be aware of especially if they still have to file their return of income.

  1. 31st March 2020 is the last date for filing of Income Tax Return for FY 2018 – 2019. In case the return of income is not filed on or before 31st March 2020, the same cannot be filed unless a notice is issued by the Income Tax Department. Also, a late filing fees of INR 10,000/- will be levied. However, if the income of the taxpayer is less than INR 5,00,000/-, the late filing fees will be limited to INR 1,000/-.
  2. Incase a taxpayer has to file a revised return of income for FY 2018 – 2019, the same needs to be done by 31st March 2020. If not revised before 31st March 2020, the taxpayer shall miss out the opportunity to file a revised return of income.
  3. 15th March 2020 is the due date towards the 4th installment of advance tax for FY 2019 – 2020. Also, incase of taxpayers opting for presumptive taxation under s. 44AD and s. 44ADA of the Income Tax At, advance tax needs to be paid by 15th March 2020.