ITR Filing FY 19-20: Key dates and things to remember

ITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. Here're the important things you need to know about Income Tax Return filing.

ITR Filing FY 19-20: Key dates and things to remember

ITR Filing: The last date for Income Tax Return (ITR) filing for AY 2020-21 has been extended by the Income Tax Department. It will be applicable for filing of ITR for the financial year 2019-20. The decision to move the date for filing ITR returns came in the wake of coronavirus pandemic. According to the Income Tax Department's statement, all Income Tax Returns can now be filed latest by November 30, 2020.

The announcement by the Income Tax Department comes days after the IT Department had extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31. 

In a tweet posted Saturday, the Income Tax Department said, "Understanding & keeping in mind the times that we are in, we have further extended deadlines. Now, filing of ITR for FY 2019-20 is extended to 30th Nov, 2020. We do hope this helps you plan things better."

Here're the important things you need to know about Income Tax Return filing

ITR Filing: Documents required 

Form 16 

Form 16 is a certificate issued by employer to their employees, specifying the details of tax which has been deducted from your salary and paid to the income tax department. Most employers issue this form before June 15. However, the date has been extended this time.

Form 26AS

Form 26AS is a consolidated annual tax statement issued by the I-T department. Form 26AS needs to be checked properly before filing the income tax return for a particular financial year as the form contains information about the taxes by your employer/tenant/other trade partners. Apart from that, It also shows the tax deducted by banks on your FD interest income. The tax statement also contains details of all taxes paid by you as well as the refund granted during the relevant financial year. It is one of the essential documents that you need to submit while filing your Income Tax returns as it acts as a record that the accurate taxes have been deducted on our behalf by different entities and also deposited into the account of the government.

Form 26 AS contains details of-

  • Information relating to tax deducted or collected at source
  • Information relating to payment of taxes
  • Information relating to pending proceedings
  • A specified financial transaction like sale/purchase of property, investments, pending proceedings and demands.
  • Information relating to completed proceedings
  • Information relating to demand and refund
  • Payments made to banks for getting demand drafts, pay order as well as cash deposited and withdrawn beyond certain limits. 

Capital Gain Tax Statement

Capital Gain Tax Statement contains all the short-term and long-term capital gains you earned in that financial year, which is mandatory to mention while filing your income tax returns. In case if you have invested in stocks and mutual funds, you will require a capital gain statement. Even though you may not have to pay taxes on long-term capital gains, you are still required to mention them in your income tax returns.

Salary slips

For salaried taxpayers, it is essential to keep a couple of salary slips handy because it is mandatory to specify the salary breakup while filing your returns.

Interest Certificate

This is an annual summary of interest credited or debited, which we send out at the end of the tax year. You can use it to help complete your tax return. We can also provide one in certain other circumstances, such as on the death of an account holder.

The interest earned by individuals from saving bank account, fixed deposits, recurring deposit, and post office deposits are considered as “Income from other sources.” These interest incomes, hence, are taxable. Earlier, you had to report a consolidated figure under the “income from sources” head. However, from this year onwards, interest income accrued from all of the deposits, bank account, income tax refund has to be declared separately. So, you need to get these documents from your bank and other financial institutions.

Tax Saving Proofs

Employers ask their employees to submit proof of investments made over the year, so as to adjust tax deducted at source (TDS). If you miss the deadline to submit the investments proof, or if you have not made any tax-saving investments over the financial year, you may have to pay more tax. So, get all your investment proofs like insurance premium, ELSS fund investments, etc. Apart from that, if you have claimed a deduction for education loan and home loan, you also need the loan statement from the bank.

ITR Forms

Once you have collected all the required documents to furnish the details in the ITR form, you need to pick the right ITR form. The I-T department has made some changes to ITR forms this year. So, it is advisable to read up on these changes and understand which ITR form you need to fill. Remember that if you use the wrong ITR form, your returns will get rejected, and you may be asked by the tax department to resubmit it.

ITR form for filing your returns

ITR Form No. Type of Taxpayer Type of Income
ITR 1 (SAHAJ) Individuals Income from salary, one house property, other sources (interest etc.).  Total income should not exceed Rs 50 Lakh.
ITR 2 Individuals and HUFs Income from salary, more than one house property, capital gains and income from other sources.
ITR 3 Individuals and HUFs Income from salary, house property, income from business or profession, capital gain and income from other sources.
ITR 4 (SUGAM) Individuals, HUFs and Firms (Other than LLP) Income from salary, one house property, other sources. Income from business or profession computed under section 44AD, 44ADA and 44 AE. The Total Income should not exceed Rs 50 Lakhs
ITR 5 Partnership Firm/ LLP

This form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii),estate of deceased, estate of insolvent, business trust and investment fund, cooperative society and local authority.

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

ITR 6 Company  For any companies that are not claiming exemptions under Section 11.
ITR 7 Trust Individuals and companies that have furnished returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E), or Section 139(4F) must opt for this form.



Details to be mentioned in an ITR Form

Once you get the ITR form, you will need to provide your bank details (Name according to the PAN card, Account number, IFSC code), PAN number, and email id in the income tax return form correctly. Make sure that every detail you provided is correct, as any mismatch with the records available with the income tax department can lead to rejection of the returns.

In case your contact details are incorrect, you will miss out on communication sent by the income tax department regarding your refund or any discrepancies that need attention.

ITR filing deadline

If you forget to file ITR for the last assessment year by November 30, you will have to face financial penalties. The government introduced a new section in the income tax act last year that enables it to levy a penalty of upto Rs 10,000 for delayed submission of returns The penalty is calculated basis how late you submit your ITR.

A fine of Rs 5,000 is levied if returns are submitted after the expiration date but before December 31 of the relevant assessment year. Rs 10,000 fine is levied if the ITR is submitted after December 31 of the relevant assessment year. However, taxpayers whose yearly income is below Rs 5 lakh, are required to pay just Rs 1,000 as a penalty if they missed the deadline.