To offer some relief to taxpayers in the pandemic, the Central Board of Direct Taxes newly extend Income Tax Return Filing (ITR) date extended for Financial Year 19. On Wednesday, the government increased the period for ITR Filing for FY2018-19 by a month till July 31, 2020. The scheduled date for the income tax return for the FY 2019-20 (AY 2020-21) has also been continued to November 30, 2020. 

1. Know About Income Tax?

There are two varieties of tax – direct tax, and the second one is an indirect tax. Income tax is a direct tax that is right attributable to the Income of the assessee. Income is formed from the various head of Salary, House Property, Business, Capital Gain, and Income from other sources. 

2. Why Government Extend the Date For ITR Filing

The government has also extended the period for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is up to Rs 1 lakh to November 30, 2020. The move was taken to give support to small and middle-class taxpayers. The portal for ITR filing enables taxpayers to file their Income Tax Return Filing online hassle-free. Under the current income tax laws, several forms are available for different types of estimates to file their income tax return for the financial year 2018-19, namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR  The belated Return can be listed with some penalty charges.

3. Measures to file ITR for FY18-19 online:

1. First, visit income-tax e-filing portal incometaxindiaefiling.gov.in
2. Download relevant ITR utility under Downloads > IT Return Preparation Software.
3. Then, select the downloaded utility ZIP file and open the utility from the extracted folder.
4. Now, fill the appropriate and mandatory fields of the ITR form.
5. Verify all the prices of the ITR form and calculate tax.
6. Create and save the XML.
7. Login to the e-filing portal by accessing user ID (PAN), password, captcha code, and click login.
8. Now, click on the e-file menu and click the Income Tax Return link and choose the assessment year.
9. Then, choose ITR form Number, Filing Type as original/revised Return, and Submit the Mode as Upload XML.
10. Finally, To e-verify returns, choose one of these modes –

• Registered mobile number, 
• Net banking, 
• Demat account number, 
• Bank account number, 
• Aadhaar OTP, and e-mail id.

If you need any other guidance concerning ITR Filing, please feel free to contact our business advisors at 8881-069-069.

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