This is the last chance to file ITR for the financial year 2019-20. After this, you may have to pay a heavy fine.
If you have not yet filed your Income Tax Return (ITR) for the Financial Year 2019-20 or Assessment Year (Assessment Year) 2020-21, then submit it on 31 March today.
This is the last chance to file ITR for the financial year 2019-20. After this, you may have to pay a heavy fine. Not only this, according to experts, the Income Tax Department can also notice and answer questions. So, today you can take the time to try the option of filing ITR online. If you are filing ITR, pay attention to the changes. This time there have been some major changes in ITR forms such as reporting requirements, tax deductions etc.
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Aadhaar number can be considered as PAN number
In the budget of 2019, PAN and Aadhaar were considered almost equal (interchangeability). This means that people who do not have a PAN card, can also fill the Aadhaar number in the ITR, wherever the PAN number is to be filled. For example, in cases like buyer of a real estate, income from house property, Aadhaar number has also been accepted. Apart from this, another important change has been made in ITR filing that now filing has also been made mandatory for those whose gross total income is less than the basic exemption limit.
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You can get discount by showing investment till 31 July 2020
In the financial year 2019-20, the central government had given time till 31 July 2020 for tax saving investments. All these investments and claims deduction have to be given in ITR under a schedule DI. Similarly, under Section 54 to section 54B in the ITR, information on capital gains executions on investment is to be given by September 30. At the same time, if you have deposited a total amount of 1 crore or more in one or more current account in the financial year 2019-20, then you are required to file income tax return. Apart from this, if you spend more than 2 lakhs for yourself or any other person on a foreign trip and spend more than 1 lakh rupees on the consumption of electricity, you will also have to account for the income.