Mumbai, December 1: The last date to file your income tax return (ITR) for the financial year 2019-20 is December 31. The Income Tax Department recently extended the due date for filing the ITR, to ease the tax-filing process for assessees in view of the coronavirus crisis. Normally, the date for filing ITRs for all assessees whose accounts are not required to be audited is July 31. Income Tax Return Filing Date For Financial Year 2019-2020 Extended Till December 31 For Individual Taxpayers.
Here's How to File ITR:
- Register yourself on incometaxindiaefiling.gov.in
- After you register, then select the relevant form and the assessment year, for which the return has to be filed. Below are the ITR forms, which needs to be filed based on your income criteria. For e.g. ITR-1: It is the Income Tax Return Form for salaried individuals (i.e. salary/pension/family pension and interest income). ITR-2: It is a form for those earning capital gains. ITR 3, 4 and 4S: This is a form for professionals and business owners.
- Remember to keep all your documents ready and in handy. From your bank statement, Form-16 and other investment-related documents keep it ready.
- Pay Income Tax due, if any, then recalculate the tax and hit the ‘Submit’ button.
- Before selecting the final submission, it is important to save the data entered and also cross-check the information, to avoid any mistakes.
- Signature: The Department asks you whether you want to digitally sign your return, if you choose ‘Yes’, then you need to upload your signature, which needs to be pre-registered at the Income Tax website. For those who don't have digital signature can verify their return either electronically using Aadhaar OTP or Electronic Verification Code Method or by sending it to Income Tax Department-CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka by ordinary or speed post within 120 days of filing your returns electronically.
Penalty for late filing of income tax return:
There is a certain penalty fee that needs to be filed if you miss your date. If you file your ITR after the deadline, then a late filing fee will be levied. The maximum penalty is Rs. 10,000. If you file your ITR after the due date, a penalty of Rs 5,000 will be levied.
On the other hand, if the tax evaded exceeds Rs 25 lakh the punishment could be imprisonment of 6 months to 7 years, as per the website of the Income Tax Department.
(The above story first appeared on LatestLY on Dec 01, 2020 12:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).