Government notification - The last date of filing Income Tax Return is December 31, 2020.
Many Government employees, professionals, and or individuals fill Income Tax return every year. There is a notification from Income Tax Department every year which notifies the due date of filing the income tax returns by the assessee. Not filling Income Tax Return before or on the due date may lead to a penalty up to 10,000 rupees and other inconveniences as per the Income Tax Act, 1961.
Either you are filing ITR or not, you should know some basic things about the income tax return which will help you to identify the situation whether you fall under the category of the Taxpayers or not.
What is the Income Tax Return (ITR)?
Income Tax Return is all about filling a form and submitting it to the Income Tax Department in the end of every financial year. In this form, assessee is mandated to provide his/her total income details to the Department. Here, Assessee means a person whom (any tax) or any other sum of money is payable under the Income Tax Act - 1961. However, These forms are often available in both offline and online channels.
Who should file ITR?
According to Chapter 'IV - COMPUTATION OF TOTAL INCOME' Of the Income Tax Act - 2011, Who are having any of one or more below 'heads of income, can fill the ITR -
1. Salaries - Salaries may include; wages, any annuity or pension, any gratuity, any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages, any advance of salary and salary including due from an employer or a former employer to an assessee in the previous year, whether paid or not. Note: If any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due.
2. Income from house property - If the assessee holds any land or building or any other immovable property or where the property or any part of the property is let and the actual rent received or receivable by the assessee, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income tax, shall be chargeable to income-tax under the head “Income from house property”.
3. Profits and gains of business or profession - Includes the profits and gains of any business or profession which was carried on by the assessee at any time during the previous year.
4. Capital gains - Any profits or gains arising from the transfer of a capital asset effected in the previous year.
5. Income from other sources - Income of every kind which is not to be excluded from the total income under the Income Tax Act shall be chargeable to income-tax under the head “Income from other sources”.
How Can i fill My Income Tax Return? There are two methods by which you can file your returns.
Offline - By visiting the concerned IT Office.
Online - visit Income Tax official website here or Call us at:
9424675584 .
Last Date and Penalty: Important dates and fine after the due date.
Penalty after due date
Important dates, and late fees according to income are specified in the below.| Important Date | Penalty (in Rs) If total Income is Less than 5,00,000 | Penalty (in Rs) If total Income is Higher than 5,00,000 |
|---|---|---|
| Till 31-DEC-2020 | 0 | 0 |
| After 31-DEC-2020 to 31-DEC-2020 | 1,000 | 5,000 |
| Between 1-JAN-2021 to 31-MAR-2021 | 1,000 | 10,000 |
Important Forms: These are some forms -
Income Tax Returns
| ITR | Description | Online availability |
|---|---|---|
| ITR 1 | For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh | Yes |
| ITR 2 | For Individuals and HUFs not carrying out business or profession under any proprietorship | No |
| ITR 3 | For individuals and HUFs having income from a proprietary business or profession | No |
| ITR 4 | For presumptive income from Business & Profession | Yes |
| ITR 5 | For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 | No |
| ITR 6 | For Companies other than companies claiming exemption under section 11 | No |
| ITR 7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) | No |
What if you do not pay your return?
Not paying your returns on time could lead you a penalty as mentioned in the above table. Income Tax Act, 2011 in its 'CHAPTER XVII 'COLLECTION AND RECOVERY OF TAX' provides some special powers to the Income Tax Department. An Income Tax office may exercise these powers and can Disclose your information, Collect and recover pending tax amounts. During the recovery, an Income Tax Officer can forfeit or confiscate your property under some specific rules/provisions of the IT Act or at the same time he may seize your access to the properties including all bank accounts and immovable properties.
Where to go against Income Tax?
An aggrieved party can approach the following authorities:
- Deputy Commissioner (Appeals) and Commissioner (Appeals)
- The Appellate Tribunal
- High Courts
- The Supreme Court
Still have any confusion regarding ITR? Connect us now -
