You have to file ITR today and tomorrow, so if you do not file ITR on time, you may have to pay a fine. In this case you have the option to file ITR in minutes, so find out how you can file ITR online.
Income tax filing: The deadline for filing income tax returns is December 31, 2020. That means you have time today and tomorrow to file your ITR. If you do not file your ITR within these two days, you may have to pay a fine. Let us know that people whose income is not monitored have it today and tomorrow, but people associated with such jobs or business people whose balance sheets have been audited will be able to fill out their ITR by January 31, 2021.
Who will be fined
It is mandatory for all people earning Rs 2.5 lakh or more annually. If your annual income is up to five lakh rupees and you do not file ITR before the due date, you will have to pay a fine of one thousand rupees. At the same time, if your annual salary is more than Rs 5 lakh, you may have to pay a fine of up to Rs 10,000.
Yes, you can file your ITR till March 2021 with penalty. To avoid fines, however, one must always file an ITR before the due date, as in some cases one may have to go to jail with a fine.
Fill out your ITRT online
First, visit the official website of the Income Tax Department https://www.incometaxindiaefiling.gov.in/home. Here you need to log in with your permanent account number. If you are registering for the first time, you will need to register yourself by e-filing from scratch. If not, you can log in by going to the Registered User option.
– After e-filing you need to click on the type of user, where you have to give details based on your pan.
After that, you need to verify it by filling out your registration form. After verification, you will be registered, then you can log in and file a return.
– To file an ITR, you must first select the correct form. The ITR-1 form has to be filled with income (salary), income from home (property) or income from other sources (excluding lottery). At the same time in case of capital gain, ITR-2 has to be selected. Choose ITR-2 if you have more than one house, but in this case there should be no capital gain. ITR-3, ITR-4, ITR-4S forms for traders and professionals.
– Then submit your return, giving the exact details of your income and investment. During this period, you will need to provide relevant documents etc. If your income is more than Rs 50 lakh, you will also need to fill in column AL, where you will need to provide information about your assets and liabilities.
– After completing the form, you will submit your form. Your return, income tax and interest will be calculated automatically.
– After submitting the return you need to verify the return. For this, you can use electronic verification code or Aadhaar OTP or digital signature certificate.