The last date to file the return for the assessment year 2020-21 is December 31, 2020. Filling up Income Tax Return (ITR) is a difficult task, and a common misconception harbored among people is whether they need to file ITR returns at all. There are many assessments with an annual income up to Rs 5 lakh whose tax liability is reduced to zero after the applicable rebate of up to Rs 12,500 under section 87A.
In order to complete the income tax returns (ITR) filing process, an individual is required to verify it. The return must be verified within 120 days of filing. Verification can be done digitally (using Aadhaar, one-time password, etc.) or by sending the physical copy of ITR-V to the Central Processing Centre, Bengaluru, of the income tax department.
Not verifying your ITR can have multiple consequences. Your tax refund could get blocked. Additionally, a penalty could be levied for not filing ITR.
However, many assume that this means not filing ITR returns at all. This is not true. If you are below 60 with a gross annual income of more than Rs 2.5 lakh in a year, then it’s mandatory for you to file your ITR with the tax department. On the other hand, if you are aged between 60 and 80 and earn a gross annual income of more than Rs 3 lakh, then also you need to file your ITR.
In the wake of the coronavirus pandemic, the Central Board of Direct Taxes (CBDT), an administrative authority for the tax department had extended the last date for filing ITR for FY 2019-20 to December 31. Normally, the taxpayers are supposed to file ITR by July 31.
SBI has given the facility to customers to file Income Tax Return for free from their YONO App. This information has been given in a tweet made by SBI. If you have not yet filed your ITR, then you can take advantage of this scheme of SBI.
Saving bhi, ITR filing bhi.
File your Income Tax Return with Tax2win on YONO for free. Visit: https://t.co/NeeHLbI8DP#SBI #StateBankOfIndia #Tax2Win #YONOSBI #ImcomeTaxReturn #ITR pic.twitter.com/NYotTye6xc
— State Bank of India (@TheOfficialSBI) December 25, 2020
You can also file returns through the income tax website. For this, go to www.incometaxindiaefiling.gov.in. After this, enter the user ID PAN, password, date of birth and captcha code and log in. Then proceed with the given process and fill your return.
Over 4.15 crore taxpayers have already filed their Income Tax Returns (ITR) for the assessment year 2020-21 till December 26, the Income Tax Department said on Sunday.
As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for Assessment Year (AY) 2020-21 early to avoid last minute rush.
“More than 4.15 crore Income Tax Returns for AY 2020-21 have already been filed till 26th of December, 2020. Hope you have filed yours too!,” the department tweeted.
This includes over 2.34 crore taxpayers filing ITR-1, over 89.89 lakh filing ITR-4, over 49.72 lakh ITR-3 and over 30.36 lakh filing ITR-2.
The deadline to file ITR by individual taxpayers for 2019-20 ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.
The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic.
At the close of deadline for filing ITR without payment of late fees for 2018-19 (AY 2019-20), over 5.65 crore returns were filed by taxpayers. The deadline last year was extended till August 31, 2019.
Giving a comparative analysis of the ITRs filed, the I-T department said 4.14 crore ITRs were filed till August 26, 2019, compared to over 4.15 crore filed till December 26, 2020.