Good News For All Income Tax Payers! Govt Extends Date For Filing Income Tax; Know More
The government has extended the date for filing income tax. Now income tax can be filed by Individuals till December 31 for the financial year 2019-20. Earlier, in a press conference on 13 May, the Finance Minister had extended the last date for filing income tax till November 30, 2020. However, the income tax filing date was 31 July 2020.
Taxpayers are required to file ITR. It can be filled offline, online and software in three ways. Of these, all types of ITR forms can be filled in offline mode but only ITR-1 and ITR-4 can be filled online. After this, there is software as the third option, which can be called the best. All types of ITRs can be filled with software. Taxpayers can file returns by December 31, 2020 for the FY 2019-20.
Now you have more than 2 months to file your ITR for the previous year 2019-20. Filing your tax on or before the due date is necessary as you will have to pay penalty if you file late tax. With penalties, late tax filing does not provide many benefits. Tax payers should avoid late filing ITR, meaning ITR tax should be paid by the last date. The last date for filing ITR is December 31.
The Income Tax Department has issued a refund of Rs 1.25 lakh crore to more than 38.23 lakh tax payers from April 1 to October 20. During this period, a personal income tax refund (PIT) of Rs 33,870 crore and a company tax refund of Rs 91,599 crore has been done.
What is a refund ?: The company deducts the estimated portion of tax from its salary before depositing it in the government account while paying its employees year-round.
Employees file income tax returns at the end of the year, in which they state how much they owe as taxes. If the actual liability is less than the amount of tax deducted earlier, the remaining amount is refunded to the employee.
(With Inputs from jansatta.com)