Today is the last chance to file Income Tax Return (ITR) for the financial year 2020-21. The Income Tax Department has given time till December 31 to file ITR for 2020-21. Filing ITR on time not only saves you from a penalty but also has many other benefits. CA Abhay Sharma is telling you the benefits of filing ITR on time.
avoidance of fines
If you do not file ITR within the stipulated date, you may have to pay a heavy fine of up to Rs 10,000. This penalty can be avoided by filing ITR on time. You may get a notice from the Income Tax Department for not filing ITR on time. It is beneficial to submit ITR on time to avoid notice hassles.
Loss can be carried forward on filing ITR
According to the Income Tax rules, if you file ITR before the due date, you can carry forward your loss to the subsequent financial years. That is, in the next financial years, you can reduce the tax liability on your earnings.
Disadvantages of filing ITR late
Due to the delay in filing ITR, the taxpayer has to pay the penalty. Also, you do not get many types of income tax exemption. This does not give exemption under Section-10A and Section-10B of the Income Tax Act. At the same time, you will not get the exemption under Section-80IA, 80IAB, 80IC, 80ID, and 80IE.
Due to the late filing of income tax returns, the taxpayer will also not get the benefit of deduction under sections 80IAC, 80IBA, 80JJA, 80JJAA, 80LA, 80P, 80PA, 80QQB, and 80RRB of the Income Tax Act.
How can I file Income Tax Return?
First of all, go to the official site of the Income Tax Department https://eportal.incometax.gov.in/iec/foservices/#/login.
After that enter your User ID and then click on Continue, after which enter your password and log in. If you do not remember the password, you can create a new password through Forgot Password.
After login, a page will open, where you click on e-file. After that select the File Income Tax Return option.
After which select the assessment year 2021-22 and then continue.
After this, you will get the option for Online and Offline. In this, you select Online and select the 'Personal' option.
Then you can select either the ITR-1 or ITR-4 option and continue.
If you are salaried then select ITR-1. After that, the form will be downloaded to your system. Then go to 'Filling Type' and select 139(1)- Original Return.
After this, the selected form will open in front of you, in which fill all the requested information and keep saving. Fill in the bank account details correctly.
If you select offline mode above, then after filling all the information in the download form, you will see the option of Attach File, where to attach your form.
After attaching the file, the site will validate the file and click on “Proceed to Verification” after validation.
In this way, your return will be filed within a few minutes and now you can do E-Verification to verify your return.
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