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ITR (Income Tax Returns) Filing 2019-20: The last date for filing your annual Income Tax Returns (ITR) for the 2019-20 financial year is August 31. Anyone with his/her annual income exceeding Rs 2, 50,000 is supposed to file the tax returns. 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. Here’s a step-by-step guide to file ITR using the ‘lite’ e-filing facility
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.
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.
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.
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.
