ITR 2019-20 filing last date till 31 December: Here's the list of documents and steps to file income tax returns online

With the ITR filing last date approaching closer, taxpayers, who are yet to file returns, should do it as early as possible to avoid any last-minute rush or error.

FP Trending December 22, 2020 13:27:05 IST
ITR 2019-20 filing last date till 31 December: Here's the list of documents and steps to file income tax returns online

Official logo of the Income Tax department

The last date to file income tax return (ITR) for the financial year 2019-2020 (FY20) is 31 December 2020.

Usually the deadline of ITR filing is 31 July of each year, but due to the COVID-19 pandemic, the deadline has been extended by the Central Board of Direct Taxes (CBDT).

With the ITR filing last date approaching closer, taxpayers, who are yet to file returns, should do it as early as possible to avoid any last-minute rush or error.

According to a report by Business Today, income tax returns are tax forms that taxpayers have to fill and declare the details of their income to the Income Tax Department. The amount is then assessed by the I-T department.

Filing of return is also compulsory to claim a refund of any additional amount that might have been deducted at source (TDS) and deposited with the I-T department.

The income tax return can be filed online on the I-T department's portal free of charge.

If a taxpayer fails to file ITR by 31 December 2020, a penalty of a minimum of 50 percent or a maximum of 200 percent of the assessed tax will be levied on him/her. The assessee may also have to face imprisonment of up to 7 years and fine in extreme and high-value cases.

As per a report by The Indian Express, to file income tax correctly, Form 16 is one of the key documents for salaried people. The employees get the form from their employer and mention the details of the salary paid and TDS.
Form 16 has two parts - A and B. Form 16 A mentions of the income tax deducted by the employer in the financial year. It also mentions the Permanent Account Number (PAN) details of the employee and the Tax Deduction Account Number (TAN) of the employer.

Form 16 B gives the detailed break-up of employee's gross salary including basic, HRA.

Apart from salary, an individual also gets interest on investments from deposits in savings accounts and fixed deposits from banks and post offices. Interest certificates/bank statements are issued by these institutions to the depositors who can claim deduction under section 80TTA of the Income Tax Act.

Employees who have not submitted their tax-saving investment proofs to the HR/Accounts department can file them to the I-T department for claiming the deduction. These include premium paid to life insurance (LIC), medical insurance receipt, Public Provident Fund (PPF) passbook, FD receipts, mutual funds investment, home loan repayment certificate/statement, donation paid receipt, and tuition fee paid receipt.

Steps to file Income Tax Return online:

Step 1: Log on to the official website of Income Tax e-filing - incometaxindiaefiling.gov.in.
Step 2: tap on New to e-filling if you are registering for the first time, else click on the registered user.
Step 3: Select the User type.
Step 4: Enter your PAN card detail, surname, middle name, first name, date of birth and residential status.
Step 5: Fill the registration form.
Step 6: Verify registration.
Step 7: After successfully registering Login and file your return, providing all the relevant documents in the correct format.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.