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

What happens if you file late?

Late-filing penalties can mount up at a rate of 5% of the amount due with your return for each month that you’re late.

If you’re more than 60 days late, the minimum penalty is $100 or 100% of the tax due with the return, whichever is less.

Filing for the extension wipes out the penalty..

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.

How can I file my income tax return 2020?

Once the XML file has been saved, login to the portal and under the “e-file” tab, select the option of “Income tax return”. Select the assessment year, ITR form number, filing type and submission mode as Upload XML. Also select the option to e-verify the return. Upload the XML file and click on Submit.

Can I file my ITR for AY 2019/20 now?

Late Filing of Income Tax Return 2019: The due date to file income tax return (ITR) for Financial Year 2018-19 (Assessment Year 2019-20) was extended from 31 July 2019 to 31 August 2019. … Belated return for FY 2018-19 can only be filed on or before 31 March 2020.

What day do I start filing taxes in 2020?

The IRS began accepting individual tax returns on January 27. Tax Day 2020, when taxes are due for income earned in 2019, is Wednesday, April 15.

What are current tax slabs?

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt from tax, 5 per cent tax on income between Rs 250,001 to Rs 5 lakh; 20 per cent tax on income between Rs 500,001 and Rs 10 lakh; and 30 per cent tax on income above Rs 10 lakh …

Is it mandatory to file income tax return below 2.5 lakhs?

The income tax exemption is Rs 2.5 Lakhs a year for citizens below 60 years and Rs 3 Lakhs a year for senior citizens between 60 to 80 years. If you are earning anything above these limits, it’s compulsory to file ITR.

Is filing of ITR necessary?

Even if your income after deduction is less than Rs 2.5 lakh, filing the tax return becomes mandatory for you. However, for a company or a firm, it is mandatory to file a return irrespective of income or loss.

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

The due date for the income tax return for the FY 2019-20 (AY 2020-21) has now been extended to November 30, 2020. The returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed up to 30th November, 2020.

What is the last date for it return 2020?

Related. The government via a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for financial year 2019-20 has been extended to November 30, 2020 from the normal deadline of July 31.

How can I save tax on FY 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

What happens if I 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.

Are you filing return of income under seventh?

Not only to claim the TDS amount back as income tax refund, but filing ITR is also necessary in such cases. … Under the following circumstances, it becomes mandatory for you to file a return of income under Seventh proviso to section 139(1), which otherwise was not required due to the level of your income.

What are the income tax slabs 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)Up to Rs. 2,50,000NilNilRs. 2,50,001 to Rs. 5,00,0005%5%Rs. 5,00,001 to Rs. 7,50,00020%10%Rs. 7,50,001 to Rs. 10,00,00020%15%3 more rows

What is the 80c limit for 2020 21?

Exemption u/s 80C – Up to Rs 1.5 lakh. Exemption u/s 80D – Up to Rs 25,000 (For senior citizens Rs 50,000) Tax rebate u/s 87A – Up to Rs 12,500 on taxable income up to Rs 5 lakh. Deduction on Home Loan interest – Up to Rs 2 lakh.

Can I file 3 years of taxes at the same time?

Yes, you can. You will need to file the income from each year, separately. A tax return for each year of income that you need to report.

What is the latest you can file your taxes?

The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible.

What’s the end of the tax year?

The last tax year started on 6 April 2019 and ended on 5 April 2020. There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’). Because of coronavirus (COVID-19), you can delay making your second payment on account.

What is the last date of TDS payment for March 2020?

TDS Due Dates of FY 2020-21 for Return FilingQuarterPeriodLast Date of Filing1st Quarter1st April to 30th June31st March 20212nd Quarter1st July to 30th September31st March 20213rd Quarter1st October to 31st December31st Jan 20214th Quarter1st January to 31st March31st May 2021Aug 12, 2020

Is income tax return filing date extended?

Income Tax Return filing: The Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for AY 2019-20 (FY 2018-19). The date has been extended from July 31 to September 30, 2020. … In June, the CBDT had extended the deadline for filing I-T returns for FY2018-19 by a month till July 31, 2020.

Can I file ITR for last 3 years now?

ITR for last 3 years i.e from 1st April 2020 -31st March 2021. … In case you have missed the extended deadline fixed for filing the ITR, you can still file your ITR with a penalty called “ Belated Return” as per the finance act, 2017.