The Central Board of Direct Taxes (CBDT) has extended the deadline to file the income tax return (ITR) for the fiscal year 2019-20 or fiscal year 2020-21 to December 31. The deadline to present ITR by individual taxpayers for the fiscal year 2019- The 20 ends on December 31 and the last date for the taxpayers whose accounts require to be audited is January 31, 2021. The expiration date was extended from the 31 of July and then again until October 31, 2020, amid the coronavirus pandemic.
According to the rules, those who earn Rs 250,000 or more annually are required to submit ITR. The limit for the elderly or people between the ages of 60 and 80 is Rs 500,000.
If you do not submit your ITR before December 31, you will have to pay a fine of up to Rs 10,000. Those whose taxable income is up to Rs 500,000 will have to pay a fine of Rs 1,000 if they file their ITR after December 31st. Apart from this, those whose taxable income exceeds Rs 500,000 will have to pay a fine of Rs 10,000 if they file their tax return after December 31st.
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Here’s how you can file your income tax return online:
1. You will need to log into the official website of the income tax department incometaxindiaefiling.gov.in using your Permanent Account Number (PAN).
2. You will have to touch New in Electronic Filling if you are registering for the first time; otherwise you can click on the registered user option.
3. You must select the type of user.
4. Then enter your PAN card details, last name, middle name, first name, date of birth and residential status.
5. Now fill out the registration form.
6. Check your registration.
7. Log in after registering and file your return. You will need to provide all relevant documents in the correct format.
9. You will need to prepare and file your return and income tax and interest, if any, will be calculated automatically.
8. You will 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.
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