Income tax return filing is one of the most important financial activities of the year. All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. The last date to tax return for the financial year 2019-20 is December 31, 2020.
In respect of individuals who are required to get their accounts audited (including Partner of firms whose accounts are audited), the due date is extended to 31 January 2021, from the original date of 31 October 2020.
Filing ITR for FY2019-20 is mandatory if:
The individual’s taxable income exceeds the maximum amount not chargeable to tax. The basic exemption limit for FY 2019-20 is Rs 3 lakh for senior citizens (aged 60 years or more but less than 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others;
The individual needs to claim an income tax refund;
The individual qualies as an ordinarily resident during FY 2019-20 and holds foreign assets which need to be specically reported in the ITR. These assets include foreign bank accounts, foreign properties, nancial assets, signing authority, etc.;
The individual has undertaken specic transactions viz (a) payment of electricity bill in excess of Rs 1 lakh during the FY (b) deposited more than Rs 1 crore in one or more current accounts during the FY or (c) spent more than Rs 2 lakh on overseas travel for self or any other person during the FY……Read More>>