The last date for filing income tax returns for 2020

311
4
The last date for filing income tax returns for 2020

The last date for filing income tax returns for the assessment year 2020 -- 21 is December 31. The deadline for filing ITRs was extended from September 30, 2021 to December 31, 2021, on September 9, 2021, by the Central Board of Direct Taxes CBDT Income Tax Department. The decision was taken due to the difficulties faced by the taxpayers and other stakeholders in the filing of income tax returns on the government's new tax portal, which was facing technical issues.

The new income tax e-filing portal was unveiled with much fanfare on June 7, but had a bumpy start with taxpayers and professionals reporting glitches and difficulties in its functioning. Tech services giant Infosys was given the contract to develop the portal in 2019. The finance ministry had on August 23 summoned Infosys CEO Salil Parekh to explain why issues continued to plague the portal. The deadline was extended because of difficulties faced by taxpayers when filing ITR via the new portal.

Many taxpayers have already filed their ITRs, but some are yet to file their returns. To avoid financial penalties, those who have not filed their ITRs have less than a month.

The tax regime that gives lower tax rates is the one that taxpayers can choose from. If you choose to go for the new tax regime, you'll not be able to avail of the exemptions and deductions offered by the Income Tax Act, including 80 C, 80 D, 80 TTB, and HRA.

Here is the breakdown of tax rates under the existing and new income tax regimes:

The procedure for filing an ITR generally varies based on income, business, and profit on investment you generate in a year. Those who file ITR after the due deadline will have to pay a penalty of Rs 5,000. The penalty for filing an ITR after the due date was Rs 10,000. If your total income does not exceed 5 lakh a year, the maximum penalty is Rs 1,000. If your evaded tax amount exceeds 25 lakh, there is a provision of 6 months to 7 years of jail term.

You can find income tax.gov on the Income Tax e-Filing portal. In the tab Taxes Paid and Verification'' you can choose the appropriate verification option.

I would like to e-verify later in 120 days from the date of filing, I don't want to e-verify and I would like to send signed ITR-V through normal or speed post to Centralized Processing Center, Income Tax Department, Bengaluru within 120 days of filing.

Click on the Preview and Submit'' button to verify all the data entered in the ITR.

EVC OTP, Aadhaar OTP, prevalidated bank account and prevalidated demat account can be accessed through these methods by entering the EVC OTP when asked for the e-verify option, e-verification or generate EVC option under my account, e-verify option, and prevalidated bank account.

The ITR will be auto-submitted if the EVC OTP is entered in 60 seconds. The submitted ITR can be verified later by using the 'My Account e-Verify Return' option or by sending signed ITR-V to CPC.

Your ITR form may vary as per the come generated in a year. There are 7 different types of income tax forms that taxpayers can use to file ITRs.

ITR Form 1 Sahaj Those who earn up to 50 lakh a year from sources like salary, house rent, agriculture, interest on investment and pension are some of the people who earn up to Rs 50 lakh a year. Mostly, salaried individuals file ITR Form 1.

ITR Form 2: It is for taxpayers and HUFs with income up to 50 lakh a year from salary, pension, house rent and interest on investment, but don't earn income from profits on business or profession.

ITR Form 3: This form is for taxpayers with partnership firms. Income from salary, house rent, interest and bonus is taxable under ITR Form 3.

ITR Form 4: If you have a business income of up to Rs 50 lakh and earn a salary of up to Rs 50 lakh, this form is for you.

ITR Form 5: It's for any individual or HUFs or business with Limited Liability Partnership LLP or Body of Individuals or Association of Persons AoPs. ITR Form 6: Companies that don't get exemption under Section of IT Act can file this form.

ITR Form 7: This return form can be used by persons who are required to file returns under section 139 4 A or section 139 4 C or section 139 4 D The category of persons with incomes that are not required to furnish their return of income under the provisions of section 139 is referred to as the ITR Form 7: