income tax return

If you have not yet filed Income Tax Return (ITR) for the financial year 2019-20, then there is news of relief for you. The government has extended the deadline to file ITR for individual taxpayers by 10 days. This has been increased to 10 January 2021. This deadline was ending on Thursday, 31 December 2020.

Individual taxpayers fall under the category whose accounts do not need to be audited. Such people usually use ITR-1 or ITR-4 to file income tax return.

This is the third time the government has extended the deadline to file ITR. Usually, 31 July is the last date for this. In view of Corona, it was first extended till 30 November 2020. Then this date was extended till 31 December 2020.

For other taxpayers whose accounts need to be audited and who have to submit a report in respect of foreign financial transactions, the period for filing returns has been extended to 15 February 2021. These include partners of the firm.

The government has also increased the date of submission of tax audit report to 15 January 2021. The deadline for this was 31 December 2020. The last date of declaration has also been extended to 31 January 2021 under the trust scheme from the dispute.

In which cases it is necessary to file ITR,

here we are telling about those people who are required to file ITR by January 10, 2021. Then even his income is less than the basic exemption limit. To avoid late filing fees, they should file returns on time.

  1. People who have deposited one crore rupees or more in the bank and co-operative bank;
  2. Has spent more than 2 lakh rupees on foreign travel by himself or family members;
  3. People who have deposited electricity bill of more than 1 lakh rupees during the financial year;
  4. Ordinary Resident Individual who has income from abroad or has account or asset outside India.
  5. If the exemption limit under Section 54, 54B, 54D, 54EC, 54F, 54G, 54GA or 54GB before claiming exemption is set .

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