The deadline for filing Income Tax Return (ITR) for fiscal 2019-20 (evaluation Three hundred and sixty five days 2020-21) is 31 December.
Failing to file ITR by 31 December will motive taxpayers to face a penalty.
Essentially based on a file by Mint, the filing of ITR is a three-step process. The first step is filing tax returns, the 2nd is verification of ITR and the third is processing of ITR by profits tax division.
As per earlier experiences, while typically the deadline of ITR filing is 31 July of every and each Three hundred and sixty five days attributable to the COVID-19 pandemic, the deadline has been extended by the Central Board of Order Taxes (CBDT).
If a taxpayer fails to file ITR by 31 December, a penalty of minimal 50 p.c or a maximum of 200 p.c of the assessed tax will probably be levied on him/her. The assessee could well additionally wish to withstand seven years of imprisonment and a neatly-behaved in frightening and high-worth conditions.
As per the Mint file, taxpayers wish to envision tax returns within 120 days of its filing, failing to attain that could well maybe also form the ITR invalid.
Earlier than e-verifying returns, taxpayers will deserve to have permanent story number (PAN), evaluation Three hundred and sixty five days for which the ITR has been filed, acknowledgment number and digital verification code.
One can generate EVC thru the next manner:
Taxpayers must login to checking story and search for the ‘tax’ tab, below which they’re going to win the e-check hyperlink. The hyperlink will have interaction them to the e-filing portal, where they’re going to pray to search for the ‘my story’ tab, that could well maybe also present the choice to generate EVC. The code will probably be sent to the taxpayers cell number and email-identification.
Bank story number
A facility equipped simplest in a couple of banks, taxpayers must validate financial institution accounts by logging in to the e-filing portal and going to ‘profile settings’. On that internet page, they’re going to be asked to enter crucial aspects a lot like financial institution name, story number, cell number and IFSC code.
After validating, taxpayers must travel to ‘my story’ tab and take dangle of out ‘generate EVC’ choice. The code will probably be sent to the cell number.
Taxpayers must swipe the debit card and take dangle of out the ‘generate PIN of re-filing’ choice. This might rep introduced to registered cell number.
Taxpayers must hyperlink their cell number to Aadhaar and registered as such in the Weird Identification Authority of India (UIDAI) database.
The PAN must always be linked with Aadhaar as neatly. Taxpayers must travel to ‘My Account’ and click on ‘e-check return’ and take dangle of out ‘I would need to generate Aadhaar OTP to e-check my return.’
An SMS with 6 digit OTP will probably be sent to the registered cell number. The OTP must be entered and submitted. Put up submission, the ITR will probably be verified.
One could well additionally send a signed reproduction of ITR-V to the division. It is miles a one-internet page story that must always be signed in blue ink and must always be sent either by plan of standard post or wobble post. One does no longer must send any supporting story alongside side the ITR-V.
Taxpayers will receive intimation by plan of SMS on their cell mobile telephone and email ID once the ITR is obtained by the tax division.