HERE’S ALL YOU NEED TO KNOW ABOUT ITR FILING FOR FY 2019-20

The last date for filing your annual Income Tax Returns (ITR) for the 2019-20 financial year is August 31. Anyone with his/her annual income exceeding Rs 2, 50,000 is supposed to file the tax returns.

The Tax department has also launched its lite e-filing facility, which is a lighter version of e-Filing portal to help taxpayers file returns quickly.

Here’s a step-by-step guide to file ITR using the ‘lite’ e-filing facility

In the recent budget announcement, the Union Finance Minister Nirmala Sitharaman proposed to make the permanent account number (PAN) card and Aadhaar interchangeable, effectively allowing those not possessing a PAN to file income tax returns by quoting their Aadhaar number. The proposal will come into effect from September 1.

ITR forms:

ITR 1 – For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh. Can be filed online and offline.

ITR 2 – For Individuals and HUFs not carrying out business or profession under any proprietorship. Only online filing is allowed.

ITR 3 – For individuals and HUFs having income from a proprietary business or profession. Only online service is allowed.

ITR 4 – For presumptive income from Business & Profession. A taxpayer can file this form by both offline and online channel.

ITR 5 – For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. Only online filing is allowed,

ITR 6 – For Companies other than companies claiming exemption under section 11. Only online service is allowed.

ITR 7 – For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). Only online filing allowed.

TO PREPARE AND SUBMIT ITR ONLINE, FOLLOW THE BELOW STEPS:

Step 1 – Login to e-Filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.

Step 2 – Go to e-File and click on “Prepare and Submit ITR Online”.

Step 3 – Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.

Step 4 – Fill in the details and click the “Submit” button.

Step 5 – Upload Digital Signature Certificate (DSC), if applicable.

Step 6 – Click on “Submit” button.

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