Income Tax Reruns (ITR) Filing 2019-20: Anyone who misses filing the ITR before their respective deadline will have to pay a penalty.
Anyone with his/her annual income exceeding Rs 2, 50,000 is supposed to file the tax returns. The last date for filing your annual Income Tax Returns (ITR) for the 2019-20 financial year is August 31.
The Tax department has also launched its ‘lite’ e-filing facility, which is a lighter version of e-Filing portal to help taxpayers file returns quickly.
Different kinds of ITR forms
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.
Read | ITR Filing 2019-20: Last date, process, e-filing registration, Form 16, status, all you need to know
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.
How to submit ITR application online
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.
What if you miss the deadline
Anyone who misses filing the ITR before their respective deadline will have to pay a penalty. While earlier there was no fine on delayed ITRs, the government in 2017 announced a fine for the same.
Filing your tax after the due date is called belated ITR and it can be submitted till March 31, 2020. However, if you fail to adhere to this deadline as well, you will have to wait for a notice from the tax department for filing your ITR.
