How do I file my Income Tax Return 2019-20?
For filing income Tax Return 2019 ITR, you need to register yourself online on the e-filling website of the income department. In 2019 August 31 is the last date for filing ITR for the year(2018-19). So need to file ITR on time without paying any late fee. Along with some benefits such as carry forward your losses.
For standard Deductions, you can claim a flat deduction of Rs.40,000.
Income Tax Return 2019-20
New Rules in case Late Return Filling–
In the new law, a penalty of Rs 5,000 will be levied if the return is filed after the due date but before December 31 of that year and Rs 10,000 post-December 31 Therefore, if you file your ITR post-August 31, deadline, you will be liable to pay penalty for same.
In other words, for a late fee of ITR filling the taxpayer is liable to pay simple interest at 1% per month or part of a month for delay in filing the return of income. In case if they fail to file your ITR altogether, the tax department can send them a notice and it can also lead to prosecution.
For Late return filling after December 2019, the penalty limit will be increased and the new amount will be Rs 10,000. However, as a relief to small taxpayers, the IT department has stated that if your income is not above Rs 5 lakh, the maximum penalty levied for delay would be Rs 1000.
• If you are ITR, So you can get Loan Approval easily from the bank.
• By claiming ITR you can claim easily Tax Refund with the showing of all required documents.
• You can use your ITR as your Income & Address Proof.
• If you are filling your ITR on a regular basis, So you easily apply for quick visa processing.
• By ITR filling you can carry forward your losses.
• By filling ITR on time you avoid penalty or late fee.
• By referring you can earn up to Rs. 3000.
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