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FAQ: India tax filing?

  • An individual’s tax return must be filed by 31 July immediately following the end of the tax year. An individual, whose total income includes business income and where the accounts are required to be audited, has to file the return by 31 October following the tax year. There is no concept of extended return in India.

When can I file my tax return for 2020 India?

For instance, for the assessment year 2019 – 20, you can file a belated return before 31st August 2019 or, at the most, by 31st March 2020 . However a penalty will be charged for belated return of Rs 10,000.

Can I file ITR for AY 2020/21 now?

In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income-tax returns ( ITR) for FY 2019-20 ( AY 2020-21 ) by a month till 31 December, 2020.

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What is the last date of filing ITR for AY 2020 21?

The due date for filing income tax return for assessment year 2020-21 has been extended till December 31. The Finance Ministry has granted an additional month to complete the process. Earlier, it was postponed from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic.

What is the last date for tax 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 .

Can I file my 2020 taxes now?

The earliest you can do so for your 2020 taxes is February 12. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.” The deadline remains April 15 and people who file for an extension still have until October 15.

Who is exempt from filing income tax return in India?

If you are an Indian citizen and your gross total income exceeds the taxable limit in a financial year, then you are required to file your income tax return ( ITR ) for that year. Similarly, those whose income does not exceed the taxable limit in a financial year are usually not required to file their return of income .

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).

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What is itr1 itr2 itr3 and ITR 4?

ITR – 4 or Sugam The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

What happens if I dont file ITR?

For non filing of your ITR , the tax department can levy penalty a minimum penalty equal to 50% of the tax which would have been avoided by you , in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department.

Can I file my ITR myself?

Online: Enter the relevant data directly online at e- filing portal and submit it. Taxpayer can file ITR 1 and ITR 4 online. Login to e- Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’. Click on the ‘e- File ‘ menu and click ‘ Income Tax Return ‘ link.

Is TDS return date extended?

February 15: Extended due date for filing ITR for FY 2019-20 for taxpayers whose accounts are to be audited. February 15: Deadline for quarterly TDS certificate to be filed with respect to tax deducted on income other than salaries for the quarter ending December 31, 2020.

Can I file ITR after due date?

Yes, you can . An ITR filed after the due date is called a belated return. It can be filed before the end of the relevant assessment year, i.e., before March 31, 2021 for FY 2019-20. From FY16-17, i.e., AY17-18 onward, you are permitted to revise a belated return.

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Do I have to file taxes by April 15?

Deadlines are deadlines Death and taxes may be the two certainties in life, but at least you know when the taxman will come knocking. Federal income tax returns are due April 15 this year, the traditional filing deadline.

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).

Can I file last 3 year ITR?

1. Filing ITR for Previous Years . According to the Finance Act 2016 amendment, you can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY).

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