The last date to file your Income Tax return (ITR) for financial year 2019-20 (assessment year 2020-21) is December 31. The Income Tax Department had extended the due date for filing the ITR, to ease the tax-filing process for assessees in view of the coronavirus pandemic. Normally, the due date for filing ITRs for all assessees whose accounts are not required to be audited is July 31. If taxpayers fail to file their returns by due date then the Income Tax department levies late return filing penalty of Rs 10,000. (Also read: All You Need To Know About Special Income Tax Benefits For Senior Citizens)
Individuals having an annual income of Rs 2.5 lakh or more are mandatorily required to file income tax returns, according to the Income Tax Department’s website. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs 5 lakh, according to the taxman. (Also Read: Filed Your Income Tax Return? Here’s The Right Form For You)
Here is how to file your income tax return in three easy steps:
Step 1: Individuals who wish to file income tax return will have to register with the Income Tax Department’s e-filing portal – incometaxindiaefiling.gov.in – using their Permanent Account Number (PAN).
Step 2: They will have to then prepare and submit their return and income tax and interest if any will be automatically calculated.
Step 3: After submitting the return individuals need to verify their returns and that can be done using Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.
Non-filing of return of income may result in penalty and prosecution, according to the Income Tax department.