ITR Filing FY 19-20: Key dates and things to remember
ITR Filing: The last date for Income
Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax
Department. It will be applicable for filing of ITR for the financial year
2019-20. Here're the important things you need to know about Income Tax Return
filing.
The announcement by the Income Tax Department comes days after
the IT Department had extended the deadline for tax saving investments/payments
for the financial year 2019-20 up to July 31.
In a tweet posted Saturday, the Income Tax Department said,
"Understanding & keeping in mind the times that we are in, we have
further extended deadlines. Now, filing of ITR for FY 2019-20 is extended to
30th Nov, 2020. We do hope this helps you plan things better."
Here're the important things you need to know about Income Tax
Return filing
ITR Filing: Documents required
Form 16
Form 16 is a certificate issued by employer to their
employees, specifying the details of tax which has been deducted from your
salary and paid to the income tax department. Most employers issue this form
before June 15. However, the date has been extended this time.
Form 26AS
Form 26AS is a consolidated annual tax statement issued by the
I-T department. Form 26AS needs to be checked properly before filing the income
tax return for a particular financial year as the form contains information
about the taxes by your employer/tenant/other trade partners. Apart from
that, It also shows the tax deducted by banks on your FD interest income. The
tax statement also contains details of all taxes paid by you as well as the
refund granted during the relevant financial year. It is one of the
essential documents that you need to submit while filing your Income Tax
returns as it acts as a record that the accurate taxes have been deducted on
our behalf by different entities and also deposited into the account of the
government.
Form 26 AS contains details of-
·
Information relating to tax deducted or collected at source
·
Information relating to payment of taxes
·
Information relating to pending proceedings
·
A specified financial transaction like sale/purchase of
property, investments, pending proceedings and demands.
·
Information relating to completed proceedings
·
Information relating to demand and refund
·
Payments made to banks for getting demand drafts, pay order as
well as cash deposited and withdrawn beyond certain limits.
Capital Gain Tax Statement
Capital Gain Tax Statement contains all the short-term and
long-term capital gains you earned in that financial year, which is mandatory
to mention while filing your income tax returns. In case if you have invested
in stocks and mutual funds, you will require a capital gain statement. Even
though you may not have to pay taxes on long-term capital gains, you are still
required to mention them in your income tax returns.
Salary slips
For salaried taxpayers, it is essential to keep a couple of
salary slips handy because it is mandatory to specify the salary breakup while
filing your returns.
Interest Certificate
This is an annual summary of
interest credited or debited, which we send out at the end of the tax year. You
can use it to help complete your tax return. We can also provide one in certain
other circumstances, such as on the death of an account holder.
The interest earned by individuals from saving bank account,
fixed deposits, recurring deposit, and post office deposits are considered as
“Income from other sources.” These interest incomes, hence, are taxable.
Earlier, you had to report a consolidated figure under the “income from
sources” head. However, from this year onwards, interest income accrued from
all of the deposits, bank account, income tax refund has to be declared
separately. So, you need to get these documents from your bank and other
financial institutions.
Tax Saving Proofs
Employers ask their employees to submit proof of investments
made over the year, so as to adjust tax deducted at source (TDS). If you
miss the deadline to submit the investments proof, or if you have not made any
tax-saving investments over the financial year, you may have to pay more tax. So,
get all your investment proofs like insurance premium, ELSS fund investments,
etc. Apart from that, if you have claimed a deduction for education loan and
home loan, you also need the loan statement from the bank.
ITR Forms
Once you have collected all the required documents to
furnish the details in the ITR form, you need to pick the right ITR form.
The I-T department has made some changes to ITR forms this year. So, it is
advisable to read up on these changes and understand which ITR form you need to
fill. Remember that if you use the wrong ITR form, your returns will get
rejected, and you may be asked by the tax department to resubmit it.
ITR form for filing your
returns
|
ITR Form No. |
Type of Taxpayer |
Type of Income |
|
ITR 1 (SAHAJ) |
Individuals |
Income from salary,
one house property, other sources (interest etc.). Total income should
not exceed Rs 50 Lakh. |
|
ITR 2 |
Individuals and HUFs |
Income from salary,
more than one house property, capital gains and income from other sources. |
|
ITR 3 |
Individuals and HUFs |
Income from salary,
house property, income from business or profession, capital gain and income
from other sources. |
|
ITR 4 (SUGAM) |
Individuals, HUFs and
Firms (Other than LLP) |
Income from salary,
one house property, other sources. Income from business or profession
computed under section 44AD, 44ADA and 44 AE. The Total Income should not
exceed Rs 50 Lakhs |
|
ITR 5 |
Partnership Firm/ LLP |
This form can be used a person being a firm, LLPs, AOP, BOI,
artificial juridical person referred to in section 2(31)(vii),estate of
deceased, estate of insolvent, business trust and investment fund,
cooperative society and local authority. However, a person who is required to file the return of income
under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this
form. |
|
ITR 6 |
Company |
For any companies that
are not claiming exemptions under Section 11. |
|
ITR 7 |
Trust |
Individuals and
companies that have furnished returns under Section 139(4A), Section 139(4B),
Section 139(4C), Section 139(4D), Section 139(4E), or Section 139(4F) must
opt for this form. |
Details to be mentioned in an ITR Form
Once you get the ITR form, you will need to provide your bank
details (Name according to the PAN card, Account number, IFSC code), PAN
number, and email id in the income tax return form correctly. Make sure that
every detail you provided is correct, as any mismatch with the records
available with the income tax department can lead to rejection of the returns.
In case your contact details are incorrect, you will miss out on
communication sent by the income tax department regarding your refund or any
discrepancies that need attention.
ITR filing deadline
If you forget to file ITR for the last assessment year by
November 30, you will have to face financial penalties. The government
introduced a new section in the income tax act last year that enables it to
levy a penalty of upto Rs 10,000 for delayed submission of returns The penalty
is calculated basis how late you submit your ITR.
A fine of Rs 5,000 is levied if returns are submitted after
the expiration date but before December 31 of the relevant assessment year. Rs
10,000 fine is levied if the ITR is submitted after December 31 of the
relevant assessment year. However, taxpayers whose yearly income is below Rs 5
lakh, are required to pay just Rs 1,000 as a penalty if they missed the
deadline.
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