Can I File My ITR For AY 2019/20 Now?

Are you filing return of income under seventh?

Finance Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for certain class of person who carries out certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below ….

How can I save my income tax 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

Can I file ITR for AY 2019/20 now?

Finance Minister Nirmala Sitharaman in a press conference has announced that the last date for filing tax returns has been extended to June 30, 2020. … The last date to file ITR for AY 2019-20 ( financial year 2018-19) without fine was extended by Central Board of Direct Taxes (CBDT) from July 31 to August 31, 2019.

What is the last date of filing ITR for AY 2019 20?

As announced by the government in a press conference, the due date for all income-tax return (ITR) for FY 2019-20 has been extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to October 31 2020.

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020

Which ITR form should I fill for AY 2020 21?

ITR-1 form for AY 2020-21 is valid for individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh on electricity or foreign travel, respectively.

Who can use ITR 1?

ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources : Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)

Who can fill ITR 4?

The current ITR 4 is applicable to individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession. It also include those who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

Can I file my ITR for AY 2020/21 now?

All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing. ITR 1, 2, 3, 4, 5 & 7 for AY 2020-21 is now available for e-Filing. ITR 6 will be available shortly.

What is the last date for filing ITR for AY 2020 21?

31st December 2020The income tax return (ITR) filing deadline for FY 2019-20 (AY 2020-21) is extended to 31st December 2020. For tax audit and TP audit, the due date is 31 January 2021. The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty.

How do I file ITR for assessment year 2020 21?

ITR 2020-2021 | The last date to file income tax return (ITR) for assessment year (AY) 2020-21 has been extended till 30 November. In order to file returns, the taxpayer will have to provide PAN number, Aadhaar number or enrollment ID.

What is the last date of ITR filing?

December 31, 2020Important Dates For Filing Income Tax Return: The government had extended the deadline for filing ITR for most individual taxpayers to December 31, 2020. Have you filed your income tax return (ITR) for the financial year 2019-20? If not, you have until December 31 for doing it.

How do I file my ITR 19 20?

After logging into ITR e-filing account, one must click “filing of income tax return” on the dashboard. Then select the assessment year (AY) for which the taxpayer has to file ITR. After which choose the ITR form.

What is the due date for tax filing FY 2019/20 AY 2020 21?

Income tax department has again postponed the ITR filing due dates for AY 2020-21 (FY 2019-20) from November 30 to December 31, 2020, for tax individual’s taxpayers.

How can I file ITR 2 ay 2019 20?

Every taxpayer who is eligible to file ITR Form 2 can submit it online on e-filing portal of Income Tax Department. ITR can be filed electronically using the digital signature. However, it is not mandatory to file ITR Form 2 online using digital signatures only.

What is the income tax slab for assessment year 2020 21?

Income Tax SlabsTax Rate for Senior cetizens aged 60 Years But Less than 80 YearsIncome up to Rs 3,00,000*No taxIncome from Rs 3,00,000 – Rs 5,00,0005%Income from Rs 5,00,000 – 10,00,00020%Income more than Rs 10,00,00030%6 days ago

What is 87a under income tax?

Section 87a – Income Tax Rebate The income tax rebate under Section 87a offers some relief to the taxpayers who fall under the tax slab of 10%. Any individual whose annual net income is not more than Rs. 5 Lakh is eligible to claim tax rebate under Section 87a of the Income Tax Act, 1961.

Can I file ITR for last 3 years now?

1. Filing ITR for Previous Years. According to the Finance Act 2016 amendment, you can file your belated IT Returns anytime on or before 1 year from the end of the relevant Assessment Year (AY). Example, for the AY 2016-17, the timeline to file a belated return was on or before 31 March 2018.