The final date to file your Earnings Tax return (ITR) for monetary yr 2019-20 (evaluation yr 2020-21) is December 31. The Earnings Tax Division had prolonged the due date for submitting the ITR, to ease the tax-filing course of for assessees in view of the coronavirus pandemic. Usually, the due date for submitting ITRs for all assessees whose accounts usually are not required to be audited is July 31. If taxpayers fail to file their returns by due date then the Earnings Tax division levies late return submitting penalty of Rs 10,000. (Additionally learn: All You Want To Know About Particular Earnings Tax Advantages For Senior Residents)
People having an annual earnings of Rs 2.5 lakh or extra are mandatorily required to file earnings tax returns, in keeping with the Earnings Tax Division’s web site. For senior residents (people between 60 years and 80 years of age), the restrict is Rs 5 lakh, in keeping with the taxman. (Additionally Learn: Filed Your Earnings Tax Return? This is The Proper Kind For You)
Right here is easy methods to file your earnings tax return in three simple steps:
Step 1: People who want to file earnings tax return should register with the Earnings Tax Division’s e-filing portal – incometaxindiaefiling.gov.in – utilizing their Everlasting Account Quantity (PAN).
Step 2: They should then put together and submit their return and earnings tax and curiosity if any can be routinely calculated.
Step 3: After submitting the return people must confirm their returns and that may be carried out utilizing Digital Verification Code (EVC) or Aadhaar OTP or digital signature certificates.
Non-filing of return of earnings could lead to penalty and prosecution, in keeping with the Earnings Tax division.