Mumbai, January 8: The last date for filing of IT Returns for 2019-20 is on January 10. In case you still haven't filed, despite the repeated extension of the deadline by the Income Tax Department, you need to hurry up. Generally, the last date to file ITR is on June 30, but on account of the coronavirus pandemic this year, there have been several extensions.
Don't wait till the last date, as the process can be delayed and hampered by several unwarranted technical glitches on the I-T department’s portal or missing information of documents. Also, you need to remember a few essential things, because entering incorrect details, could lead to a delay in getting your tax refund. How to File ITR For FY 2019-20: Step-by-Step Guide For Income Tax Returns Filing Online.
Here are a few important things that you need to remember:
Select the right Income Tax Form: It is very important to select the right income tax form. Filing a wrong ITR form is considered an invalid return. Choose the Right Assessment Year: You will be filing income tax returns for the financial year 2019-20 which is the assessment year 2020-21.
Complete the Verification Process After Filing Tax Returns: It is compulsory to verify the process even after you file your Income Tax Returns.
Penalty: This year the government has raised the penalty amount for missing the deadline, by imposing a fine up to Rs 10,000 as opposed to the Rs 5,000 imposed last year.
Income Tax Department in a tweet last informed that 8,43,506 Income Tax Returns have been filed up to 8 pm on Thursday and 86,004 ITRs have been filed in the past one hour.
(The above story first appeared on LatestLY on Jan 08, 2021 10:15 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).