ITR: There is just 5 days left to fill the Income Tax Return for the assessment year 2020-21 (FY 2019-20).
It is better to file ITR first in order to avoid the problems of filing the ATR at the last moment. It is worth noting that till 10 January 2021, there will be no penalty for filing the return, but will have to pay the penalty for late filing. Usually the last date to file ITR is 31 July but this time due to corona, the deadline has been extended till 10 January 2021. Now there is 5 days left to file ITR, so do not forget to collect these necessary papers before filing these ITRs.
All salaried employees are required to file Form 16 ITR. You get this from your company. This is the most important document to file ITR. It is also evidence of cutting tax deducted at source (TDS). It gives information about salary and deduction given to the employee.
Two-part divided into at -16
is divided into form two parts 16. Part A and Part B, the first part consists of income tax deducted by the employer in the financial year. Part B of Form 16 contains information on the employee’s gross salary breakup.
The Form 26AS
Income Tax Department prepares an annual statement known as ‘Form 26AS’. Using PAN, all taxpayers can easily avail this from Income Tax website. Taxpayers can refer to their Form 26AS and submit it along with their Form 16 for the amount of taxes paid to the Central Government Treasury while filing ITR.
Tax-saving details have to be given In the
wake of Corona crisis, the Income Tax Department has allowed taxpayers to claim Section 80C and other deductions on investments up to 31 July now instead of 31 March. To claim such benefits, you have to provide details in the ITR form under a new schedule. If you want to take advantage of this next fiscal year instead of this financial year, you can leave this column blank.
Aadhaar option in place of PAN
This time another change has been made. Under this, PAN and Aadhaar have been considered almost identical. That is, in cases like income from the buyer of a real estate, house property, people who do not have PAN card, they can now fill the Aadhaar number in ITR instead of PAN number. Earlier in both cases only the PAN card number could be entered.
Tax saving investment
Individuals who could not submit their tax-saving investment to their employers during the stipulated period in the previous financial year, will now have to submit proof to the Income Tax Department directly to claim the tax deduction. Payment of life insurance premium, Medical insurance receipts, public provident fund (PPF) passbook, 5-year FD receipts, mutual fund investment (ELSS), certificate / statement of home loan repaid, donation paid receipt, tuition. Includes fee receipt, etc.