The Central Board of Direct Taxes (CBDT) has prolonged the deadline to file the revenue tax return (ITR) for the monetary 12 months 2019-20 or evaluation 12 months 2020-21 to December 31. The deadline to file ITR by particular person taxpayers for FY2019-20 ends on December 31 and the final date for taxpayers whose accounts require to be audited is January 31, 2021. The due date was prolonged from July 31 after which once more until October 31, 2020, amid the coronavirus pandemic.
In line with guidelines, those that earn Rs 250,000 or extra yearly are mandatorily required to file ITRs. The restrict for senior residents or these between 60 years and 80 years of age is Rs 500,000.
If you don’t file your ITR by December 31, you’ll have to pay a penalty as much as Rs 10,000. These whose taxable revenue is as much as Rs 500,000 should pay a wonderful of Rs 1,000 in the event that they file their ITR after December 31. Other than this, these whose taxable revenue is greater than Rs 500,000, they should pay a wonderful of Rs 10,000 rupees in the event that they file their revenue tax return after December 31.
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Right here is how one can file your revenue tax return on-line:
1. You’ll have to go surfing to the official web site of the revenue tax division incometaxindiaefiling.gov.in utilizing their Everlasting Account Quantity (PAN).
2. You’ll have to faucet on New to e-filling in case you are registering for the primary time, in any other case you’ll be able to click on on the registered person possibility.
3. You’ll have to choose the person kind.
4. Then enter your PAN card element, surname, center identify, first identify, date of beginning and residential standing.
5. Now fill the registration type.
6. Confirm your registration.
7. Log in after registering and file your return. You’ll have to present all of the related paperwork within the right format.
9. You’ll have to put together and submit your return and revenue tax and curiosity if any can be mechanically calculated.
8. You’ll have to confirm your returns after submitting them. You are able to do this utilizing the Digital Verification Code (EVC) or Aadhaar OTP or digital signature certificates.