In wake of coronavirus, the Central Board of Direct Taxes (CBDT) has extended the deadline to file the income tax return (ITR) several times for the financial year 2019-20 or assessment year 2020-21. Initially the date was extended from July 31 and then again till October 31, 2020, amid the coronavirus pandemic. However, the final deadline to file ITR by individual taxpayers for FY2019-20 ends on December 31 and the last date for taxpayers whose accounts require to be audited is January 31, 2021. Also Read: 7th Pay Commission: Relief On Travel Allowance In Pay Level 9 To 11 – All You Need To Know
Who has to file ITR returns?
According to rules, those who earn Rs 250,000 or more annually are mandatorily required to file ITRs. However, the limit for senior citizens or those between 60 years and 80 years of age is Rs 500,000.
What happens if you don’t file returns on times?
In case you are unable to file your ITR by December 31, you will have to pay a penalty up to Rs 10,000. Those whose taxable income is up to Rs 5 lakh, you will have to pay a fine of Rs 1,000 if you file ITR after December 31. And those whose taxable income is more than Rs 5 lakh, you will have to pay a fine of Rs 10,000 if they file their income tax return after December 31.
Check step-by-step process to file your income tax return online:
- Firstly, you will have to log on to the official website of the income tax department incometaxindiaefiling.gov.in using your Permanent Account Number (PAN).
- Incase you are registering for the first time then click on New e-filling otherwise you can click on the registered user option.
- You will have to select the user type.
- Then enter your PAN card detail, surname, middle name, first name, date of birth and residential status.
- Now fill the registration form.
- Then you have to verify your registration.
- Log in after registering and file your return. Make sure you are filling in all the relevant documents in the correct format.
- You will have to prepare and submit your return and income tax and interest if any will be automatically calculated.
- Lastly you need to verify your returns after submitting them. You can do this using the Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.