Not filed your ITR yet? You still have time to file it!

If you are a salaried taxpayer and you were unable to file your Income Tax Return (ITR) on or before the extended deadline of August 31 due to some reason, you have no reason to worry. You still have enough time to file your ITR on or before December 31, 2018, or latest by March 31, 2019. However, if you are a businessman or an independent professional and if your accounts are subject to tax audit, then you can file your ITR on or before September 30, 2018.

But since you will be filing your ITR after the extended deadline, you will have to pay late payment fee of Rs 5,000 if your annual income exceeds Rs 5 lakh and you file your ITR on or before Dec. 31. The late payment fee for filing ITR after Dec. 31, 2018 and before March 31, 2019, is Rs 10,000.  For individuals with annual income less than Rs 5 lakh, the late payment fee is Rs 1,000.

However, if you miss the final deadline of March 31, 2019, you could be in for trouble as the IT department can levy a heavy penalty of 50% of your income for the year.  If you have not filed your ITR to evade payment of tax, you could be in deep trouble as the IT department could launch legal proceedings against you and you could face imprisonment up to seven years if you have evaded tax exceeding Rs 3,000.

So, you better hurry up and file your ITR before the deadline.