Hyderabad
The Central Board of Direct Taxes (CBDT) has prolonged the final date for submitting ITR for FY 2019-20 to December 31 in view of the pandemic. Often the taxpayers are alleged to file ITR by July 31 however an exception was made this yr as a result of pandemic. So, for those who’re working late, you continue to have roughly 15 extra days to kind it out.
Listed below are some issues it’s best to find out about submitting ITR:
1) Revenue tax returns are the tax varieties used to declare the main points of your revenue to the Revenue Tax Division to evaluate the quantity it’s worthwhile to pay as revenue tax in a monetary yr. The tax return can be vital to say a refund of any extra quantity that may have been deducted at supply (TDS) and deposited with the income-tax division.
2) ITR may be filed on-line via a course of often called e-filing. An unbiased portal has been established by the I-T division for e-filing of revenue tax returns. Some non-public entities are additionally registered by the I-T division which permit e-filing via their web sites. Submitting ITR from the I-T division’s platform is free however a number of the non-public web sites might cost for sure actions.
3) The submitting needs to be mandatorily on-line for every type of taxpayers besides tremendous senior residents aged 80 years and above.
4) The deadline for FY20 is December 31, 2020. Nonetheless, it’s advisable to file as early as doable to keep away from hiccups or errors whereas e-filing.
5) In case an assessee does not file ITR in any respect, a penalty could also be levied which is a minimal of fifty per cent of the assessed tax or a most of 200 per cent of the assessed tax. The assessee might need to face prosecution additionally (i.e. rigorous imprisonment for a time period as much as 7 years and wonderful), in excessive and high-value circumstances.
6) You’re required to have some main paperwork together with, Aadhaar card, Everlasting Account Quantity (PAN) card, Type 26AS and Type 16 for submitting ITR.
7) Below the present revenue tax legal guidelines, a number of varieties can be found for several types of assessees to file their revenue tax return for monetary yr 2019-20 specifically Sahaj (ITR-1), Type ITR-2, Type ITR-3, Type Sugam (ITR-4), Type ITR-5, Type ITR-6 and Type ITR-7.
8) Remember to reveal overseas belongings and revenue. To curb tax evasion, an individual is required to offer particulars of his overseas financial institution accounts in addition to particulars associated to it, like account opening date, curiosity accrued in the course of the yr, and so on. Any misreporting of overseas belongings might land you in bother.
9) There is no such thing as a want to surround any paperwork with the return of revenue. Nonetheless, one ought to retain the paperwork to provide earlier than any competent authority as and when required in future.
10) You possibly can test the standing of your ITR and about ITR processing standing at https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/ITRStatusLink.html?lang=eng