The deadline for filing Income Tax Returns (ITR) for the assessment year 2019-20 is July 31, 2019. In the recent budget announcement, the Union Finance Minister Nirmala Sitharaman proposed to make the permanent account number (PAN) card and Aadhaar interchangeable, effectively allowing those not possessing a PAN to file income tax returns by quoting their Aadhaar number. The proposal will come into effect from September 1.
Prevailing income tax laws mandate tax filers to quote a PAN number. Additionally, from April 1 this year, the government made it mandatory to quote Aadhaar number and link it to PAN while filing income-tax returns.
Here is all that you need to know about ITR filing.
ITR 1 – For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh. Can be filed online and offline.
ITR 2 – For Individuals and HUFs not carrying out business or profession under any proprietorship. Only online filing is allowed.
ITR 3 – For individuals and HUFs having income from a proprietary business or profession. Only online service is allowed.
ITR 4 – For presumptive income from Business & Profession. A taxpayer can file this form by both offline and online channel.
ITR 5 – For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. Only online filing is allowed,
ITR 6 – For Companies other than companies claiming exemption under section 11. Only online service is allowed.
ITR 7 – For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). Only online filing allowed.
To Prepare and Submit ITR Online, follow the below steps :
Step 1 – Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.
Step 2 – Go to e-File and click on “Prepare and Submit ITR Online”.
Step 3 – Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
Step 4 – Fill in the details and click the “Submit” button.
Step 5 – Upload Digital Signature Certificate (DSC), if applicable.
Step 6 – Click on “Submit” button.