The COVID pandemic has indeed changed the way humans functioned. It has severely affected economies, businesses and the world as a whole. To help us cope up with the “New Normal”, the Government has has extended the deadline to file Online ITR 2020, for most individual taxpayers, for financial year 2019-20 to December 31, 2020 from the earlier extended deadline of November 30, 2020.
Here is the updated list of Online ITR 2020 deadlines for various categories of taxpayers:
|Status of Taxpayer||Online ITR 2020 Deadline|
|All individuals/assessees whose accounts are not required to be audited (individuals, HUFs, Association of Persons, Body of Individuals etc.)||July 31 (December 31, 2020 for FY 2019-20) of the relevant assessment year|
|Following persons whose accounts are required to be audited|
A companyAn individual or other entities whose accounts are required to be audited (like proprietorship, firm etc.)A working partner of a firm
|September 30 of the relevant assessment year (January 31, 2021 for FY 2019-20)|
|An assessee who is required to furnish report under section 92E*||November 30 of the relevant assessment year (January 31, 2021 for FY 2019-20)|
The income tax department has already notified the taxpayers of the late filing of tax returns for 2020-21, along with a penalty of Rs. 5,000, if the return is filed after the due date but on or before 31st December) and Rs. 10,000 in case the return is filed after 31st December to 31st March). The taxpayer has to file the late filing of tax returns for 2020-21 before 31st March in any case. Also, it is important to note that a penalty charge is applicable even if the taxpayer files the returns before 31st March while there is no option to file the returns after 31st March 2020. However, if the taxpayer’s total income does not exceed Rs 5 lakh, then the maximum penalty levied for delay will not be more than Rs. 1000.
Here is How to File ITR:
- Register yourself on www.incometaxindiaefiling.gov.in
- Once the registration process is complete, select the relevant form and the assessment year, for which the return has to be filed.
- Keep all necessary documents handy, these documents include bank statement, Form-16, and other investment-related documents.
- Pay Income Tax due, if any, then recalculate the tax and hit the ‘Submit’ button.
- Before selecting the final submission, to save the data entered and also cross-check the information to avoid any mistakes.
- Signature: The Department asks you whether you want to digitally sign your return, if you choose ‘Yes’, then you need to upload your signature, which needs to be pre-registered at the Income Tax website. Those who don’t have a digital signature can verify their return either electronically using Aadhaar OTP or Electronic Verification Code Method or by sending it to Income Tax Department-CPC, Post Bag No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka by ordinary or speed post within 120 days of filing your returns electronically.
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