Instant Processing For Filing Income Tax Returns
Instant processing for filing income tax returns, ITR if not filled before December 31.
If you have not yet filed Income Tax Return (ITR) for the financial year 2019-20 (FY20), then you should fill it before 31 December.
Now only a few days are left in the last date for filing the Income Tax Return for the assessment year 2020-21.
Meanwhile, the Income Tax Department has once again made a special tweet to speed up the process of filing income tax returns of the people.
In this tweet, the Income Tax Department has said that ‘File it quickly, processing will happen’.
However, this ‘instant processing’ is possible only when the ITR of the taxpayers has been verified, the bank account has been pre-validated and there is no outstanding or income discrepancy.
ITR filing is mandatory for individuals earning a fixed income in a year. Generally, taxpayers have to file ITR by 31 July of any year (unless extended by the government).
This year, the Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline to December 31, 2020 for FY2019-20 (AY2020-21) due to the epidemic.
Under the current income tax laws, a variety of forms are available for different types of assessors for filing income tax returns for the financial year 2019-20, such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
Select the correct ITR Form
Which ITR form you should choose will usually depend on two-three things, such as whether a person is an Indian or not.
A return is being filed in the capacity of an individual or partnership firm or Hindu Undivided Family (HUF) or No, and source and quantity of income.
ITR-1: Only an ordinary person (not HUF) with an income up to 50 lakhs can register this ITR.
This includes income from salary or pension, income from house property, income from other sources such as interest from a bank account (excluding winnings from lotteries and horse racing, among others).
In addition, people with an agricultural income of up to 5,000 can register this ITR.
ITR-3: This form is for individuals and HUFs who are earning income from a business or profession, or a person who is a partner in a firm.
ITR-4: This tax form applies to those who have opted for presumptive taxation scheme (PTS).
