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10 Things You Should Know Before Filing Income Tax Return (ITR) This Year

A late filing fee of Rs 5,000 is payable by the assessee for furnishing an ITR after the stipulated deadline but before December 31.

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10 Things You Should Know Before Filing Income Tax Return (ITR) This Year

Individuals having an annual income of Rs2.5 lakh or more are mandatorily required to file ITR.

The last day to file income tax return (ITR) for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. Earlier, the last date to file income tax return was July 31 which was extended to August 31. A late filing fee of Rs 5,000 is payable by the assessee for furnishing an ITR after the stipulated deadline but before December 31, according to the Income Tax Department's website - incometaxindia.gov.in. A late fee of Rs 10,000 is applicable if the assessee files return between January 1 and March 31, 2020.
Here are 10 things to know about filing Income Tax Return (ITR) online:
  1. Income tax is levied on individual taxpayers on the basis of a slab system. The government made no changes in the income tax structure in the recent Budget. 
  2. There are three categories of individual taxpayers- individuals (below the age of 60 years) which includes residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).
  3. Any individual having an annual income of Rs 2.5 lakh or more have to compulsorily file income tax returns. For senior citizens (individuals between 60 years and 80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80 years), the limit is Rs 5 lakh, according to the taxman.
  4. The forms for filing of income tax return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.
  5. This time, the income tax department has introduced pre-filled ITR (Income Tax Return) forms for certain class of taxpayers. The department is providing pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms available for download as XML files. These pre-filled forms contain details of income and taxes paid by assessees during the year. 
  6. The tax department has, however, advised the taxpayers to verify the pre-filled data carefully and add any other taxable income which is not pre-filled. 
  7. In the recent Budget, government announced "interchangeability of PAN and Aadhaar".This means that who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number. 
  8. After filing ITR, users are also required to verify it. Income Tax Department provides five ways for verification of an ITR: Aadhaar OTP, bank ATM, bank account, demat account and net banking.
  9. The Income Tax (I-T) Department also enables income tax assessees to check the status of their ITR online through its e-filing portal, incometaxindiaefiling.gov.in
  10. Earlier, the deadline for filing ITR was July 31, 2019, which was extended by the I-T department after the government was appealed by entities to allow sufficient time to assessees to file their returns.




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