Mumbai, December 30: The last date to file income tax returns (ITRs) is on December 31 and as the deadline nears, the number of ITRs filed each day is rising steadily. The income tax department said in a tweet that up to 6 pm on Tuesday, more than a million return forms were filed, against 913,718 returns filed up to 5 pm on Monday.

It is very important to choose the correct tax return form. Choosing the wrong one would lead to the tax department treating the form as defective. For individuals, there are four forms—ITR-1 to ITR-4. ITR Filing FY 2019-20: How to File Income Tax Returns Online, Last Date, Penalty And Other Details.

File ITR through YONO:

State Bank of India (SBI) introduced a new service for its customers that enable them to file ITR through the YONO app for free.  If you are an SBI customer and have not yet filed the ITR, then you can use this service to file your income tax returns. SBI in its tweet said, "File your Income Tax Return with Tax2win on YONO for free." In order to avail the chartered accountant-assisted tax filing facility, customers need to pay at least Rs 199." ITR Filing FY 2019-20 Via SBI's YONO App: State Bank Unveils 'Free Service' & 'CA Assistance' to Help People File Income Tax Returns Before December 31, 2020; Check Steps.

Penalty For Missing Deadline: 

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.

Keep Your Documents Ready Before Filing:

Remember to keep all your documents ready and in handy. From your bank statement, Form-16 and other investment-related documents keep it ready.

Steps to File:

  • 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.

  • Pay Income Tax due, if any, then recalculate the tax and hit the ‘Submit’ button.

  • 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.

The government gave extra time till the end of July to make investments and certain payments for claiming deductions from the taxable income. There are certain disclosures which needs to be made without fail while filing the ITR.

The deadline was extended twice by a total of six months due to the coronavirus pandemic. Don't miss the deadline, or else you will end up paying a penalty.

(The above story first appeared on LatestLY on Dec 30, 2020 08:51 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).