Quick Answer: What Is The Last Date For Filing Income Tax Return 2020?

Who can use ITR 1?

For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less.

This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.), and agricultural income up to Rs 5,000..

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

31 December, 2020Check new dates. In a major relief to taxpayers, the Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020.

What is the income tax slab for AY 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%Above Rs. 15,00,00030%30%3 more rows

How do I file my ITR for 2020?

How to file ITR online?Select the relevant ITR Form as applicable, based on the nature of income mentioned in the description box, and download the same in Microsoft Excel form.Register/Login to income tax portal. … Download the XML file. … Import data in excel utility.

What is new slab rate of income tax?

RelatedTaxable income slabsIncome tax rates and cessUp to Rs 2.5 lakhNilRs 2,50,001 to Rs 5,00,0005% of (Total income minus Rs 2,50,000) + 4% cessRs 5,00,001 to Rs 10,00,000Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cessRs 10,00,001 and aboveRs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess5 days ago

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

30th November, 2020In the wake of the COVID-19 pandemic, the government has extended the due date of filing all income-tax return for FY 2019-20 to 30th November, 2020. Tax payers will be filing the Income Tax Return (ITR) for the FY 2019-20 (AY 2020-21).

Can I file ITR now?

Effective from the financial year 2017-18, a late filing fee will be applicable for filing your returns after the due date i.e. 31 August 2019 under section 234F. The maximum penalty is Rs. 10,000. If you file your ITR after the due date (31 August) but before 31 December, a penalty of Rs 5000 will be levied.

What is the last date of income tax return 2018 19?

Income tax return filing deadline for FY 2018-19 extended to Sept 30, 2020. In view of the constraints due to the Covid pandemic and to further ease compliance for taxpayers, CBDT on Wednesday extended the due date for filing of Income Tax Returns for FY 2018-19(AY 2019-20) from 31st July, 2020 to 30th September, 2020.

What is itr1 itr2 itr3 and ITR 4?

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.

What happens if you dont file ITR?

For non filing of your ITR, the tax department can levy penalty a minimum penalty equal to 50% of the tax which would have been avoided by you, in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department.

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.

Is income tax return filing date extended?

The deadline to file belated/revised income tax returns (ITR) for FY 2018-19 has been extended to November 30, 2020 from the earlier one of September 30, 2020. … Earlier, the government had extended the belated ITR filing deadline to June 30, 2020, then to July 31, 2020 and subsequently to September 30, 2020.

Can I file ITR for last 3 years now?

A tax return can only be filed ONLINE for FY2018-19 (AY2019-20) and FY2019-20 (AY2020-21). Also for FY2018-19, tax return can be filed online only till 30th June 2020, unless extended.

Does ay 2020/21 have standard deduction?

Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less. *Increased to Rs 50,000 for FY 2019-2020(AY 2020-21) through the Interim Budget 2019.

Can revised return be filed for AY 2019 20?

1) The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020. … However, it is clarified that there will be no extension of date for the payment of self-assessment tax for the taxpayers having self-assessment tax liability exceeding Rs.

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 …

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.