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Last 3 months to invest wisely to save your tax and keep all documents ready for Income Tax Return as on 31st March, 2020
Income Tax Department has identified a large number of persons who have not filed Income Tax Returns for A.Y. 2016-17 and 2017-18, although, they have made high value transactions / deposited large amount of cash in bank accounts.
Persons mandatorily required to file Income Tax Return:
- All Companies, Partnership Firms, LLPs
- Trusts, Associations, Political Parties (whose income prior to claim of exemptions exceeds the minimum chargeable to tax)
- Individuals & HUFs having income more than Rs. 2.5 lakh [‘For senior citizens, Rs. 3 lakh (age 60 years upto 80 years) and For Super senior citizens Rs 5 lakh (age 80 years or more)]
Attention:
- If you have deposited large amounts of cash in your bank account/made high value transactions, please consider the same while filing your Income Tax Returns.
- Non-filing or incorrect filing of return of income may result in penalty and prosecution.
Log on to e-filing portal at https://incometaxindiaefiling.gov.in to file your Income Tax Return, easily and securely!
Do remember:
Belated returns for A.Y. 2019-20 and revised returns for A.Y. 2019-20 (with interest, if any, for late filing) cannot be filed after 31st March, 2020.
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I’ve filed my ITR on July 12 th 2019 for the AY 2019-20 and e verification done on the same day but still the ITR status is e verified and not processed yet,please tell me what is happening in IT department. When the ITR is going to processed and when I will receive the refund.
Pl. Let me advice about a question that , can I claim Refund relief on arrears of salary Received in FY 2018-19 which was Receivable /accrued in FY 2006-07 ? What are the supporting documents are needed for calculations the relief Refund . Thank you .
My Salaried income was put into trading of stocks, which is being traded on my spouse’s name (who is a housewife). In such case, which ITR form should be filled and what are all the documents are required for filing. Can it be done myself or necessarily it should be filed through an auditor.
Is it necessary to file I.T.Returns in case of a person who has been abroad for studies since Aug 2014. After completing studies and landing a job he has remitted money towards repayment of educational loan. The person has no income in India save an amount of say about 1500 Rs from Bank interest.
Pls let knowas to what does he need to do.