With just over one day left to file your income tax returns, a circular allegedly from the Income Tax department has been doing the rounds on social media, stating that the deadline has been extended to September 30.
The I-T department has issued a notification clarifying that the circular going viral on social media is not genuine.
"It has come to the notice of CBDT that an order is being circulated on social media pertaining to the extension of due date for filing of IT Returns. It is categorically stated that the said order is not genuine. Taxpayers are advised to file Returns within extended due date of 31.08.2019," the tax department tweeted.
What will happen if you fail to file your ITR?
If you fail to file your returns, the tax department will send you a notice and if you still don't pay the tax, there are chances of you being prosecuted.
Have you not filed your returns yet? Here's a quick guide to help you through the process. (Click here to know more)
In case you did not file the tax before the August 31 deadline, you will have to pay a penalty at the time of filing returns.
If you file your returns after the due date but before 31 December 2019, you will have to pay a penalty of Rs 5000 and if you file it between January 1 and March 31, 2020, you will have to pay a fine of Rs 10,000.
Apart from paying the penalty, you will be charged an interest amount of 1 per cent per month on the tax amount outstanding. The interest will be calculated from the due date till the date that you actually file your returns.