Last day to file IT returns - Failing might cost you thousands and jail term!

The deadline for filing Income Tax Returns is today, 31 August, for the year 2019-2020. The deadline was extended from July 31 to August 31 earlier by CBDT.

Failing to do so will mean one has to pay hefty fine and face restrictions in future. A fine of Rs.5000 is applicable if one files ITR before December 31 but passing the deadline and Rs.10000 between Jan 1 and March 31. Forthose with 5 lakh salary should pay Rs.1000. Not filing ITR can even land one in jail ranging from 3 months to 2 years.