- What happens if I dont file ITR?
- How can I save my income tax 2020 21?
- Who is eligible for 87a rebate?
- Is TDS return date extended?
- Can I file ITR for AY 2020/21 now?
- Can I file ITR if you have no income?
- What ITR should I file?
- What is meant by ITR 6?
- Can a normal person file ITR?
- What is the last date for ITR 2020?
- What is the rebate for AY 2020 21?
- Is it compulsory to file ITR every year?
- What is the 80c limit for 2020 21?
- Which ITR form should I fill for AY 2020 21?
- Are you filing return of income under seventh?
What happens if I dont file ITR?
For non filing of your ITR, the tax department can levy penalty a minimum penalty equal to 50% of the tax which would have been avoided by you, in addition to the liability to pay the interest till the date you ultimately file your ITR after receiving notices from tax department..
How can I save my income tax 2020 21?
Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.
Who is eligible for 87a rebate?
An individual who is resident in India and whose total income does not exceed Rs. 3,50,000 is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs.
Is TDS return date extended?
Note: The due date for filing of return has been extended to December 31, 2020 vide Press Release, dated 24-10-2020.
Can I file ITR for AY 2020/21 now?
All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing. ITR 1, 2, 3, 4, 5 & 7 for AY 2020-21 is now available for e-Filing. ITR 6 will be available shortly.
Can I file ITR if you have no income?
The Income-tax Act, 1961 was amended via the Finance Act, 2019 to make ITR filing mandatory even if gross total income is below exemption limit if an individual has deposited Rs 1 crore or more in current account, spent Rs 2 lakh or more on foreign travel or paid electricity bill of Rs 1 lakh or more in a particular …
What ITR should I file?
Salaried individuals who have gains or losses from buying and selling shares should file ITR-2. ITR-3 for individuals to report their income from a business or a profession. Salaried individuals who have income from intraday trading in shares or income from futures and options should file ITR-3.
What is meant by ITR 6?
ITR Form 6 or ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961.
Can a normal person file ITR?
ITR-1 can be filed by resident individuals only having income of up to Rs 50 lakh. The source of this income should be salary, one house property, and other sources such as interest income etc. … This year it is important to file ITR on time as there is a late filing fees on belated ITR filing.
What is the last date for ITR 2020?
31 December 2020The last date to file income tax return (ITR) for the financial year 2019-2020 (FY20) is 31 December 2020. Usually the deadline of ITR filing is 31 July of each year, but due to the COVID-19 pandemic, the deadline has been extended by the Central Board of Direct Taxes (CBDT).
What is the rebate for AY 2020 21?
From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020
Is it compulsory to file ITR every year?
Filing income tax returns is mandatory for those whose total income is more than Rs. 2,50,000. We recommend that you file your income tax return, even though it is not mandatory if total income isn’t over Rs. 2,50,000.
What is the 80c limit for 2020 21?
The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.
Which ITR form should I fill for AY 2020 21?
ITR 1 form also known as Sahaj is mainly for salaried individuals earning up to ₹50 lakh annually. Only resident individuals can file ITR-1. The Central Board of Direct Taxes (CBDT) on Saturday has extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020.
Are you filing return of income under seventh?
Finance Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for certain class of person who carries out certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that Gross total income is …