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Income tax return due date for directors
Tax return is a form that a taxpayer is has to file, it contains information about the taxpayers' income and tax liability impurities. Taxpayers are required to file tax returns with the Income Tax Department. The IT Act, 1961, necessitates the Indian citizens to There are different categories of Income Tax Return forms and each return form is applicable to a specific section of assessee. These return forms has to be filed on a prescribed tax return due date. IT Department will allow only those tax return forms which are filed in properly and within the specified due date.
Applicability
Income Tax Return- 1 can be utilized by a taxpayer, having income from:
• Pension or Salary
• House property (apart from brought forward loss under this head)
• Revenue from other sources (apart from income from horse races or winnings from lotteries or losses under this head)
• People who have their income within INR 50 Lakhs and have make their Income for the Fiscal Year through Pension or Salary, only one House Property and other sources apart from racehorses, lottery, legal gambling etc are qualified to file their Income Tax Return using Income Tax Return- 1.
• Assesses who have revenue from foreign assets, income from agricultural that exceeds INR 5000, Income from Profession or Business and revenue from more than one residence property are not entitled to file using Income Tax Returns-1 Form.
Tax Return Due Date
• The due date for filing income tax return is 31st July of every year for as single taxpayers.
• The due date for filing income tax return for taxpayer requiring tax audit and companies is 30th September.
• Section 44AD of the IT Act deals with tax audit.
The government extended the due date for filing income tax return for Financial Year 2019-20 for most taxpayers from the earlier due date of 31st December, 2020, to 10th January, 2021, according to the press release dated 30th December, 2020. The extension of the tax return due date is for those taxpayers whose accounts are not needed to be audited and who regularly file their income tax return using Income Tax Return-1 or Income Tax Return-4 forms, as applicable.
The government has extended the tax return due date for the third time to file Income Tax Return --first from the usual deadline of 31st July to 30th November, 2020, and then to 31ST December, 2020.
Further the press release mentioned that the income tax return due date for other taxpayers, such as companies, etc., whose accounts are needed to be audited (including firms' partners) and / or those who have to provide a report regarding the international fiscal transactions has been extended to 15th February, 2021.
Process to file Income Tax Return
• First download the Income Tax Return Preparation software for the concerned assessment year to your laptop / PC from the “Downloads” page.
• Now, prepare the Income Tax Return by using the software.
• Gather all the detailed information about your income, deductions. , Tax Payments, Etc.
• Pre-Populate The Personal Information And TDS / Tax Payments By Clicking On The Pre-Fill Option.
• Enter The Data And Click On Calculate Option To Calculate The Final Amount.
• Generate The ITR Data And Save It Your Laptop On / PC In XML Format.
• Login To E-Filing Website.
• Go To The E-File Option And Click On "Upload Return"
• Select The Proper Income Tax Return, Year Of Assessment, And The XML File.
• If applicable, upload DSC and click on “Submit” option
• On successful submission, Income Tax Return-V will be displayed on the screen; click on the download link to download it. The ITR-V must be submitted to the CPC within 120 from filing the ITR.
To prepare and submit the ITR online follow the below mentioned procedure:
• Login to E-filing website.
• Go to the E-file option and click on “Prepare and Submit ITR Online” (Only ITR-1 and 4 can be filed online)
• Now, select the ITR Form between ITR 1 and 4 and the year of assessment
• Fill in the asked details and click on the “Submit” option
• If applicable upload DSC and click on “Submit” option
• On successful submission, Income Tax Return-V will be displayed on the screen; click on The download link to download it. The ITR-V must be submitted to the CPC within 120 from filing the ITR.
Conclusion
Taxpayers are required to file tax returns with the Income Tax Department. The IT Act, 1961, necessitates the Indian citizens to file their tax returns, at the end of every fiscal Year, with the Income Tax Department. There are different categories of Income Tax Return forms. These return forms has to be filed on a prescribed tax return due date.
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