Ans – In case you have missed the income tax return filing deadline, you have the option of filing a belated return by the end of the applicable assessment year. For AY 2019-20, there is also various penalties that you might need to pay depending on your annual income and how late you are filing your tax returns. If your annual income is Rs. 5 lakh or less, your late filing fees will be Rs. 1000 irrespective of when you are filing your returns. On the other hand, if your income exceeds Rs. 5 lakh in a year, late filing fees will be Rs. 5000, if belated returns are filed by 31st December 2019. However, late filing fees will be Rs. 10,000, if belated returns are filed between 1st January 2020 and 31st March 2020 for the applicable year.