ITR Deadline Extension: While filing Income Tax Return (ITR), taxpayers without digital signature i.e. e-verification have to verify within 120 days of ITR uploading. There are 4 ways.
Income Tax Return: If you do not file your income tax return by September 30, then you will suffer financial loss in 3 ways. (Source: Freepik)
Income Tax Return Deadline Extended: The Central Government on Thursday gave big relief to the taxpayers. The Central Board of Direct Taxes (CBDT) has given a big relief in the deadline to submit Income Tax Return for the year 2020-21. For personal ITR, the deadline has been extended by 2 months and for companies or partnership firms, the deadline has been extended by one month.
The CBDT has issued a press release saying that in view of the crisis arising due to the corona virus epidemic, the deadline has been extended for tax compliance with the intention of giving relief to taxpayers. Tax rules – Laws and provisions are not easily understood by the common people. There are many types of things in the notifications issued by the government.
Normally there are questions about 5-6 things in the mind of the common man… We talked to Gurgaon based Chartered Accountant (CA) Amit Ranjan about these. After studying the release issued by CBDT, he explained many things in simple language in easy language. Let us know through 8 questions, what are the important things for you in the latest notification of CBDT.
1. For whom have the tax return dates been extended and what is the new deadline?
Under the Income Tax Act, people whose accounts are not required to be detained and who usually file their income tax returns using ITR-1 or ITR-4, the deadline for filing ITR is 31 July. Now the deadline for submitting personal income tax return has been increased by two months to 30 September 2021.
For companies or partnership firms such as taxpayers (whose accounts need to be audited) the deadline was 31 October, the deadline for filing income tax returns has been extended by one month to 30 November.
2. Is personal income also auditable?
There is a limit of non-auditable income under the Income Tax Act. An audit is necessary to gain more than that limit. For professional service, by an example, if your annual income is Rs 50 lakh, then the government spends half that is 25 lakh. That is, you will have to pay income tax on 25 lakhs. If you are spending 60 to 70 per cent (Rs 30-35 lakh) instead of 50, or if you want to show this, then an audit will have to be done.
At the same time, for trading or business, understand from this example that if there is a business of two crores, then you will have to pay tax on 8 percent of its fat, ie 16 lakhs. If you want to show less profit / income than this, then an audit has to be done.
3. When will I get Form 16 for income tax? When will companies release it?
Companies file final TDS returns for the last quarter of the financial year. Its deadline was till 31 May 2021, which has been increased to 31 June. At the same time, as per the rules, the date of issuance of Form 16 in a span of 15 days was till June 15, which has been extended by one month. That is, companies will issue Form 16 by July 15.
4. If I have invested in FD Deposit, what is the 15-G or 15-H deadline?
For those investing in FDs, the last date for 15-G or 15-H is 30 June. You have to fill this form and submit it to the bank, otherwise the bank deducts tax from it. According to the latest no tification of CBDT, there has been no change in its deadline.
5. How much did TDS’s filing deadline increase? What will happen if I do not fill it on time?
The filing date of TDS for the company or partnership firm has been increased from 31 May to 30 June. If a company does not file by June 30, then generally a penalty of Rs 200 per day will be levied. 1.5 percent monthly, 18 percent annual interest will have to be filled.
6. What will happen if the ITR is not filled by 30 September?
If you do not file your income tax return by September 30, then you will suffer financial loss in 3 ways. The first will be in the form of interest, the second in the form of penalty and the third will be late filing fee. Under the IT Act 1961, you have to pay interest under 234 A / B / C. It is usually 1 per cent monthly. Late filing fees will be levied under section 271 of the Income Tax Act. This fee can be from 1000 rupees to 10 thousand or even more. An example is that if your income is less than 5 lakhs, you may have to pay a fine of 1000 rupees by 31 December 2021.
7. How to file ITR online?
>>First of all login to www.incometaxindiaefiling.gov.in.
>>Log in by entering the user ID (PAN), password, date of birth and captcha code.
>>Now go to the ‘e-File’ tab and click on the link of Income Tax Return.
>>Here first you have to choose which ITR form to fill.
>>Along with this, the assessment year will also have to be selected here.
>>If you are filing the original return, then you have to click on the ‘Original’ tab.
>>At the same time, if the revised returns are being filled, then you have to click on ‘Revised Return’.
>>After this you click on Prepare and Submit Online here and continue.
>>Now fill all the information requested on the new page and keep saving.
>>This is necessary because once the Session TimeOut is over, the details filled will disappear.
>>Here, you have to fill all the information about your investment, details of insurance policy as well.
>>After filling all the details, the last verification page will come up. Verify this.
>>After this, click on Preview and submit and then submit ITR.
8. In what ways can verification be done?
Taxpayers without digital signature, ie without e-verification, have to verify within 120 days of ITR uploading while filing Income Tax Return (ITR). There are 4 ways.
1. Through Aadhaar OTP
2. By logging into the e-filing account through net banking
3. Through Electronic Verification Code (EVC)
4. By sending the signed signature on both sides of ITR-V to Bangalore Main Branch.
Amit Ranjan said that if ITR-Verification is not done within 120 days, the returns can be declared invalid.
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