For Individual and HUF, ITR filing will be mandatory for you, if your earning is above the exemption limit of Rs 2.5 lakh or there was any TDS. For companies, firm etc return filing is mandatory even if there is no income or there is no business.
For super senior citizen whose income is less than Rs 5 lakh can submit ITR offline whereas others have to file return online and verify it later either offline by sending the signed ITR Verification Form (ITR-V) through ordinary post/speed post to Bangalore, where the Centralised Processing Centre (CPC) of the Income Tax Department is located or you may verify it online through digital signature or Aadhaar OTP to complete the filing process.
Due date of e-filing of Income Tax Return 2019-20 normally is July 31, 2019 for Body of Individuals (BOI), Hindu Undivided Family (HUF) and Association of Persons (AOP) including businesses whose Books of Account are not required to be audited, while the due date for the businesses requiring audit is September 30, 2019.
Filing ITR before the respective due date is very important. There see some consequences if the ITR is filed after the due date or is not filed. Consequences are as under :
1. If taxpayer miss the ITR due date, you have to pay Rs 5,000 penalty (Rs 1,000 if taxable income is less than Rs 5 lakh), provided it is filed within December 31. For further delay, taxpayer have to pay penalty of Rs 10,000.
2. In case there is tax payable, as per the section 234A of the Income Tax Act, taxpayers have to pay penal interest of 1 per cent per month on the amount of unpaid tax till the date of payment of taxes.
3. Taxpayers who wilfully don’t pay tax and don’t file ITR even after getting notice u/s 142 and 148 of the Income Tax Act may face prosecution u/s 276CC of the Act.
4. No carry forward of losses is allowed of the ITR is not filed in time.
5. Delay in ITR filing results in delay in issue of income tax refund of it is a case of excess TDS or excess tax payment.