New Delhi: Taxpayers can now file their Income Tax Return (ITR) for free. State Bank of India (SBI) is offering its customers to furnish ITR for free. You can also get eCA assistance at just Rs 199. The offer is valid till October 31, 2021, the public sector lending major has tweeted. It must be noted that Central Board of Direct Taxes (CBDT) has extended the due date for filing ITR is December 31.Also Read - Income Tax Return: Now Taxpayers Can File ITR From Home Using New Tax e-filing Portal | Step-by-step Guide Here
The due date of furnishing of Return of Income for Assessment Year 2021-22 (individuals and non-audit cases) has been extended till December 31, 2021, Income Tax Department said in a statement. Also Read - Income Tax Return: Taxpayers Can E-Verify Their Returns in 6 Different Ways | Details Here
Income Tax Return, ITR e Filing
- To file ITR for free, you need to login to YONO SBI. After that, you need to go to “Shop and Order” section. Subsequently, you need to visit “Tax and Investment” and then go to “Tax2Win”.
- Before filing ITR, you need five documents Permanent Account Number (PAN) card, Tax deduction details, Aadhaar card, interest income certificates, Form-16, and investment proofs for tax saving.
- There are a number of benefits of filing ITR early – early filing, early refunds, avoid last minute hassle, and get enough time to rectify errors if any.
Income Tax Deductions, Exemptions
- Apart from these, you must now the Income Tax deductions and exemptions available under new regime and old regime.
- These benefits are Leave Travel Allowance, House Rent Allowance, Interest from Savings bank Account, Tax Saving Investments, and Life Insurance Premium, according to SBI.
- Meanwhile, there is no tax on sale of shares in case the shares that are sold after 12 months from the date of purchase, listed on stock exchange, securities transaction tax is paid, and the amount of profit is not more than Rs 1 lakh, SBI tweeted.
- You can claim 80D Deduction without paying Health Insurance Premium for your parents.
“Now save more! Avail 80D Deduction without paying Health Insurance premium for your parents. Simply log in to YONO & file your ITR with Tax2win for FREE,” SBI tweeted. Also Read - Income Tax Alert: Taxpayers Can Check This Important Document Before ITR Filing