The due date for filing Income Tax Return (ITR) has been extended to November 30, 2020. Every year taxpayers are required to pay taxes on their income and income from other sources. However, paying taxes can be burdensome, which is why the government introducing ITR filing procedure.
By filing ITR, a taxpayer can reduce their tax burden and claim returns.
For example, the most common tax benefit is given under section 80 of the Income Tax Act, where a taxpayer can claim a maximum tax deduction of Rs1.5lakh on their various investments. For claiming that deduction, he or she must file their ITR every year.
Generally, ITR filing due date is set by July-end every year.
However, on Wednesday, the FM said, "due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November 2020."
Similarly, the FM has also extended tax audit due date to 31 October 2020.
Here's how you can file your ITR online, as per the Income Tax Department.
Step 1 - Go to the Income Tax e-Filing portal, www.incometaxindiaefiling.gov.in
Step 2 - Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click 'Login'.
Step 3 - Click on the 'e-File' menu and click 'Income Tax Return' link.
Step 4 - Select assessment year, ITR form number and filing type. After doing so, Select 'Submission Mode' as 'Prepare and Submit Online'
Step 5 - Click on 'Continue'
Step 6 - Read the Instructions carefully and Fill all the applicable and mandatory fields of the Online ITR Form.
Step 7 - Choose the appropriate Verification option in the 'Taxes Paid and Verification' tab.
Step 8 - Click on 'Preview and Submit' button, Verify all the data entered in the ITR.