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Readers ask: It return india?

  • An income tax (IT) return is an income tax form which you need to fill and submit it electroncially to the Income tax Department. In this form you need to give details of your income and taxes (taxes – that you may have paid or other people who may have deducted your tax). The income tax return forms are in various formats viz ITR-1, ITR-2 etc.

ITR-1 form is an essential Income Tax Return form for Indian citizens filing their tax returns with the Income Tax Department. Individuals who have earned their Income for a Financial Year only through the following means are eligible to fill the ITR-1 SAHAJ form. Through other sources apart from Lottery, Racehorses, Legal Gambling etc.

What is the last date for it return 2020?

The income tax return (ITR) filing deadline for FY 2019-20 has been further extended to December 31, 2020, for most individual taxpayers, from the earlier deadline of November 30, 2020. This the second time the tax return filing deadline for FY2019-20 has been extended.

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What are it returns in India?

Income Tax Return is the form in which assessee files information about his/her Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India.

Can I file ITR for AY 2020/21 now?

The last date of income tax return ( ITR ) filing for FY 2019-20 ( AY 2020-21 ) is extended to 10th January 2021. The last date to file IT returns (Other than tax audit cases) for FY 2019-20 ( AY 2020-21 ) has been further extended up to 10th January 2021.

What is the last date of ITR 2020-21?

October 31: Is the last date of filing ITR for FY 2020-21 for assessees (not having an international or specified domestic transaction) whose accounts are required to be audited. October 31: Is the last date for submitting audit report for FY 2020-21 for assessees having international or specified domestic transaction.

Which ITR for salary?

If you are salaried individual having income above Rs 50 lakhs, you should file ITR 2. And if you are having income from business or profession, then you should file ITR 3. In case you are following presumptive income u/s 44AD /44AE, then you should file ITR 4 (sugam).

Who can use ITR 7?

Any taxpayer can use ITR – 7 Form for filing Income Tax Return if they file as a Trust, Company, Firm, Local authority, Association of Person (AOP) or Artificial Judicial Person and claims exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).

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Is it compulsory to file ITR?

Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs. 2,50,000.

What income is tax free?

Taxpayers and Income Tax Slabs

Income Range Tax rate Tax to be paid
Up to Rs.2,50,000 No tax
Between Rs 2.5 lakhs and Rs 5 lakhs 5% 5% of your taxable income
Between Rs 5 lakhs and Rs 10 lakhs 20% Rs 12,500+ 20% of income above Rs 5 lakhs
Above 10 lakhs 30% Rs 1,12,500+ 30% of income above Rs 10 lakhs

Who is eligible for ITR?

So if your gross total income is below the threshold limit of ₹2.5 lakh (individuals below 60 years), ₹3 lakh (60-79 years) or ₹5 lakh (more than 80 years of age), but you meet any of the new criteria, you will have to file ITR.

Can I file ITR now?

Currently, belated and revised ITRs can be filed voluntarily after the normal deadline, up to March 31 of the assessment year. If the March deadline is missed then the taxpayer cannot voluntarily file his/her ITR. ITR can then only be filed in response to a notice from the tax department.

What happens if I dont file ITR?

If you file your ITR after the deadline, then a late filing fee will be levied. The fee payable will increase to Rs 10,000, if the tax return is filed between January 1 and March 31 of the relevant AY. However, if the total income of the taxpayer is less than Rs 5,00,000, the fee amount shall not exceed Rs 1,000.

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What is the rebate for AY 2020-21?

The amount of rebate u/s 87A for FY 2020 – 21 ( AY 2021-22) has been kept unchanged under both old and new income tax regime. A resident individual having taxable income upto Rs 5,00,000 will get a tax rebate of Rs 12,500 or equal to the amount of tax payable (whichever is lower).

Can I file ITR after due date?

The last date to file income tax return for FY 2019-20 is January 10, 2021. As per the income tax laws, a penalty of Rs 10,000 will be levied if the ITR is filed after the expiry of the deadline i.e. between January 11, 2021, and March 31, 2021.

How can I file TDS?

To Upload TDS, the steps are as below: Step 1: In e-Filing Homepage, Click on “Login Here” Step 2: Enter User ID (TAN), Password, and Captcha. Click Login. Step 3: Post login, go to TDS → Upload TDS. Step 4: In the form provided, select the appropriate statement details from the drop.

When should we file ITR?

Individuals must file Income Tax Returns ( ITR ) on or before the 10th January 2021 of this financial year. For instance, ITR of FY 2019-20 that ended on 31 March 2020 is due on 1oth January 2021. This article covers the following: This article covers the following: Filing ITR for Previous Years.

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