The Central Board of Direct Taxes has extended the deadline for filing income tax returns for the financial year 2019-20 till November 30, 2020.
The Central Board of Direct Taxes has extended the deadline for filing income tax returns for the financial year 2019-20 till November 30, 2020. Taxpayers can now file their ITR by November 30, 2020. To file ITR you will need many documents and some things have to be kept in mind while filing returns. Mistakes in the form can be expensive. ITR can be easily filed online through e-filing of Income Tax Department .
Keep these documents ready
Form 16: Employers give their employer company Form 16. It consists of accounting of tax and income deducted during a financial year. Form 16 is most important for a jobber while filing income tax return. Without it it becomes extremely difficult to file ITR. Part-A of the form contains details of tax deducted by the employer. It contains your name, address and PAN number and tan number of the employer. Quarterly details of how much tax is deposited with the government on your PAN. Also, it is also recorded how much tax has been deducted from your salary. At the same time, Part-B contains the details of your income. In ITR, the format in which the details have to be filled, in Part-B, the income format is found in the same format. This makes it easier to file ITR.
Form 26AS: This form gives details of tax deducted from income. Also, all taxes and refunds paid are also known. Tax details, advance tax or self assessment tax paid through this form are also provided. This helps the taxpayer verify whether the employer company, bank or tax payer has made a tax deposit with the government.
Tax saving investment
Contribution to pf fund
Children’s school fees or education loan
Life Insurance Premium
Health insurance premium
Stamp duty and registration charge
Payment made in lieu of home loan
Investment in Equity Based Savings Scheme and Mutual Funds
A tax deduction of up to a maximum of Rs 1.5 lakh can be claimed under section 80C from income tax.
They also get discounts
A tax benefit of 10 thousand rupees is received under section 88 TTA on the interest received on the money deposited in the bank.
A tax benefit of up to Rs 25,000 a year is available on the premium of medical insurance. In the case of senior citizens, it is Rs 50,000 annually.
If you fill your parents’ medical insurance premium then you get additional discount on it. If the parents are less than 60 years of age, then there will be a tax benefit of up to Rs 25,000 annually. If they are over 60 years of age, then they will get a rebate of Rs 50,000 annually.
How to file ITR online
First go to the department’s portal incometaxindiaefiling.gov.in.
After this, click on the e-File tab and click on the Income Tax Return link.
Select the option of Prepare and Submit Online and click on the Continue button.
After this, fill all the information in the ITR form and keep clicking the Save Draft button to avoid session time out.
After this, select the verification option in the Tax Paid and Verification tab and click on the Preview and Submit button.
Use your bank account
For this, login to the e-filing portal and pre-validate the bank account number.
Then go to the e-verify link and enter the acknowledgment number.
Select the option to e-verify from the bank account number and prepare the EVC. EVC will be sent to your registered mobile number.
Enter this code on the portal to verify the return.