New Delhi: The Government recently extended the last day for filing income tax return (ITR) for assessment year 2019-20 by a month to August 31. Here are some things to keep in mind before filing IT returns:
No changes have been made in income tax levied on individual taxpayers. Among individual taxpayers, there are three categories: Individuals (below the age of 60 years), resident senior citizens (60-80 years of age) and resident super senior citizens (above 80 years of age).
Anyone with an annual income of Rs 2.5 lakh or more have to compulsorily file income tax returns. For senior citizens (60-80 years of age), the limit is Rs 3 lakh, and for very senior citizens (aged above 80), it is Rs 5 lakh.
The forms for filing of income tax return are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. The income tax department has introduced pre-filled ITR forms for a certain class of taxpayers. Pre-filled ITR-1, ITR-2, ITR-3 and ITR-4 forms can be downloaded as XML files. These already carry details of income and taxes paid by assessees.
In the Budget, the Government has announced interchangeability of PAN and Aadhaar. Those who do not have PAN (Permanent Account Number) card can file income tax returns by quoting their Aadhaar number.
After filing ITR, users can verify all the information given. One can do so by any of the five ways: Aadhaar OTP, bank ATM, bank account, demat account and net banking.
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
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.