ITR filing last date today - You must know these things to avoid penalty

ITR filing last date today: The taxpayers must file their income tax returns for the financial year 2018-19 by today (August 31, 2019) to avoid penalty. If taxpayers file ITR after this date then they will be levied a penalty of as high as Rs 10,000, according to Income Tax Department statement. However, if a person's income is below taxable limit then there will not be any fine if he or she files ITR after the deadline.

Earlier, the Income Tax Department extended the last date from July 31 to August 31, 2019. If a person files returns after August 31, but before December 31, he or she will attract a penalty of Rs 5,000. The taxpayers who miss the December 31 deadline will have to pay a penalty of Rs 10,000.

A penalty of Rs 1,000 will be levied for missing the deadline for taxpayers who earn less than Rs 5 lakh per annum, but more than Rs 2.5 lakh. The penalty of Rs 10,000 is applicable for the taxpayers with income more than Rs 5 lakh a year. 

Individuals below 60 years with a total income up to Rs 2.5 lakh are exempted from tax, while senior citizens above 60 years, but less than 80 years with income up to Rs 3 lakh are exempted from tax. Super senior citizens aged 80 years and above with income of Rs 5 lakh are exempted from tax. 

There are different types forms for various taxpayers in which the individuals are required to file their returns - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.