Income Tax Return: File Your ITR by 31st December

The deadline for Income Tax Return (ITR) filing for FY2019-20 ends on 31st December 2020. Here’s how you can file ITR return online.

How to File ITR Online?

  • Logon to the official website of the income tax department, that is,
  • If you are new to e-filing, click on ‘Register Yourself’ appearing on the web page’s right-hand side. Now, select the user type.
  • Proceed by filling in your PAN card details, surname, middle name, first name, date of birth, and residential status. Then fill the registration form and verify your registration.
  • Login after completing the registration. Suppose you are already registered, login by using your user id and password.
  • Click on ‘filing of income tax return hyperlink’. Provide all the relevant documents and file the return. Prepare and submit the return and income tax and interest, which will be automatically calculated.
  • You will have to verify return using Electronic Verification Code (EVC) or Aadhaar OTP or digital signature certificate.

Date for Income Tax Return

CBDT extends the last date to file ITR to 31st October 2020 from 31st July 2020 earlier. It further extended it to 31st December 2020 citing the pandemic situation in the country. However, individuals whose accounts require auditing can pay it till 31st January 2021.

Income Tax Slabs

According to the Income-tax slab for 2020-21, individuals earning up to Rs 2,50,000 annually do not have to pay tax. People earning between Rs 2.5 lakhs and Rs 5 lakhs have to pay 5% of the taxable income. Those who earn between Rs 5 lakhs and Rs 10 lakhs will have to Rs 12,500 plus 20% of income above 5 lakh. Those earning more than 10 lakh will pay 30% of income above Rs 10 lakhs in addition to Rs 1,12,500.

The income tax department confirmed the filing of more than 13.6 lakh Income Tax Returns (ITR) till 8 pm on 29th December.

In all, the number of returns is increasing as the deadline of 31st December nears.

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