Usually the deadline of ITR filing is 31 July of each year, due to the COVID-19 pandemic, deadline has been extended by the Central Board of Direct Taxes.
With the ITR filing last date approaching, taxpayers, who are yet to file returns, should do it early as possible to avoid last-minute rush or error.
Filing of return is also compulsory to claim a refund of any additional amount that might have been deducted at source (TDS) and deposited with the I-T department.
The income tax return can be filed online on the I-T department's portal .
If a taxpayer fails to file ITR by 31 December 2020, a penalty of a minimum of 50 percent or a maximum of 200 per cent of the tax will be levied on him/her. The assessee may also have to face imprisonment ( jail) and fine in high-value cases.
To file income tax correctly, Form 16 is one of the key documents for salaried people. The employees get the form from their employer and mention the details of the salary paid and TDS.
Form 16 is having two parts - A and B. Form 16 A mentions of the income tax deducted by the employer in the financial year. It also mentions the Permanent Account Number (PAN) details of the employee and the Tax Deduction Account Number of the employer.
Form 16 B gives the detailed break-up of employee's gross salary including basic, HRA.
Apart from salary, an individual also gets interest on investments from deposits in savings accounts and fixed deposits from banks and post offices. Interest certificates/bank statements are issued by these institutions to the depositors who can claim deduction under section 80TTA of the Income Tax Act.
Employees who have not submitted their tax-saving investment proofs to the
Accounts department can file them to the I-T department for claiming the deduction. These include premium paid to life insurance (LIC), medical insurance receipt, Public Provident Fund (PPF) passbook, FD receipts, mutual funds investment, home loan repayment certificate/statement, donation paid receipt, and tuition fee paid receipt.
Steps to file Income Tax Return online: Step 1: Log on to the official website of Income Tax e-filing - incometaxindiaefiling.gov.in. Step 2: tap on New to e-filling if you are registering for the first time, else click on the registered user. Step 3: Select the User type. Step 4: Enter your PAN card detail, surname, middle name, first name, date of birth and residential status. Step 5: Fill the registration form. Step 6: Verify registration. Step 7: After successfully registering Login and file your return, providing all the relevant documents in the correct format.
Hope above information will help you to understand something about tax filing further we strongly recommend you get file your income tax return from TAX Professionals to have all the benefits of deductions, exemptions and file a correct return.
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contact us - casunilsakral@gmail.com
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