ITR Filing 2019-20: All you need to know about last date, list of documents, process and penalty

List of documents required for filing income tax returns:

1. Form 16

One of the most important documents for salaried persons, it is issued by the employer under Section 203 to validate the fact that the TDS (Tax Deducted at Source) has been deducted and deposited with the authorities on behalf of the employees.

2. Salary slips

Salaried taxpayers are required to submit their salary slips. Salary slips provide information on allowances such as house tent and transport allowances. It should be noted that the tax amount is different for various allowances.

3. Interest certificates from banks and post offices.

Interest certificates issued by banks to provide information related to show the total amount of interest earned from savings bank account, post office savings account, fixed deposits and recurring deposits.

4. Form 16A, 16B, and 16C

A bank issues form 16A if TDS is deducted on any income, besides the salary, over specified limit under the income tax law, to provide details of the amount of TDS deducted.

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If you have sold a property, the buyer will issue a Form 16B to show the TDS deducted on the amount paid to you.

If you are a landlord and earning income from rent, the tenant will provide you with Form 16C to show the TDS deducted on the rent received by you.

5. Form 26AS

Form 26AS a consolidated tax statement that carries information of all the taxes deducted against your PAN card. It carries the TDS deducted by the employer, banks (in certain cases), advance taxes, self-assessment taxes and taxes deducted by any other organisations for the payment made to you.

6. Tax-saving investment proofs

The tax-saving investments and expenditures incurred under section 80C, 80CCC and 80CCD(1) during the financial year 2018-19 can help reduce your tax liability. The maximum tax-break one can claim under these sections cannot exceed Rs 1.5 lakh in a financial year.

7. Home loan statement

The home loan statement will help provide break-up details of principal and interest repayment. Interest repaid on the home loan can lower your tax liability by Rs 2 lakh under section 24.

8. Deductions under sections 80D and 80U

Besides the tax-savings investments and expenditures under 80C, there are certainly other expenses on which you can claim deductions under other sections.

9. Capital gains

If you have earned some capital gains from the sale of a property and/or mutual funds, then you will be required to mention the same while filing ITR.

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10. Aadhaar card

Providing Aadhaar details is mandatory under Section 139AA of the act. If you do not have one and have applied for it, then you will have to provide the enrolment id while filing the returns.

Those missing their respective ITR filing deadline will have to pay fine. While there was no fine on delayed ITRs the government in 2017 announced a fine on same.

While you can file belated ITR till March next year, it will attract fine.

If you file your IT return by December 31 then the fine is Rs 5,000. The penalty for filing January 1 and March 31, 2020, is Rs 10,000. For those whose income is below Rs 5 lakh, the late fine is capped at Rs 1,000.

While you can file belated ITR till March next year, it will attract fine.

Also Read | Filing your income tax returns at the last minute? Keep these 6 things in mind

If you file your IT return by December 31 then the fine is Rs 5,000. The penalty for filing January 1 and March 31, 2020, is Rs 10,000. For those whose income is below Rs 5 lakh, the late fine is capped at Rs 1,000.

Status of refund

If your annual income is more than Rs 2,50,000 — before deductions under section 80C and 80U — then you are required to file returns. However, if you have paid taxes higher than the actual tax liability then you can claim the income tax refund.

The Income Tax Department will “only” issue refunds via e-mode into bank accounts of taxpayers and they should link PAN with their accounts. The department also said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, 2019.”

Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, on a case-to-case basis depending on the category of taxpayers.

Generally, it takes 20-45 days from the date of e-verification of ITR to get your refund credited.

Recently, the linking of the PAN with the Aadhaar-PAN has been made “mandatory” for those filing an Income Tax Return (ITR) and this procedure has to be “completed” by March 31 this year.