Income Tax Return Last Date: Millions of people became unemployed during the period of Covid-19 (Covid-19) or income decreased. In such a situation, it comes to mind whether to file Income Tax Return (ITR) or not. Income tax experts say that we cannot avoid the imperative of filing returns
Important information related to the case:
Income Tax Return Last Date: COVID-19 (Covid-19) and millions of people became unemployed due to the lockdown. Businesses closed or income was reduced. It comes to mind that Income tax return (ITR) is to be filled or not. Income tax experts say that despite going through all the difficult situations, we cannot avoid the imperative of filing returns if you fall within the scope of these conditions including TDS.
1. Minimum taxable income —
Your minimum annual taxable income is Rs. 250000 or more
2. TDS if sliced
If our income is less than Rs. 2,50,000 but from our salary or other income if tax at any source TDS (TDS) is deducted, so it is also necessary to get his refund.
3. Year electricity bill is more than one lakh
Under Rule 7 of Section 139 (1) of Income Tax, if your income is less than the minimum taxable income and TDS is not deducted, then ITR will have to be compulsorily filled if you have done it under the financial year 2019-20 ..
(A) The total cash amount in one or more current accounts is deposited more than one crore.
(B) If you have spent more than two lakhs in a foreign trip.
(C) You have paid more than one lakh electricity bills in a year.
30 November deadline
For salaried employees and those with business income, the last date of ITR was changed from 31 July to 30 November 2020. Yet a large number of people have not yet filed ITR. Chartered Accountant (CA) and Income Tax expert Kailash Goduka has given answers to some such questions.
If you have missed the job, then understand whether to fill ITR or not
Suppose someone’s salary is 40 thousand rupees. If he lost his job in December-January in the last financial year, should he file ITR or not?
answer—The salary till November is 3 lakh 20 thousand, which is less than the taxable income of 2 lakh 50 thousand, so ITR should be filled.
If someone’s salary is 40 thousand rupees. He left his job in May this year and he is not yet on the job again, so should he file returns next year or not
answer— In May 2020, the job is gone and not yet received, and even if you do not get it till March 2021, then the total income remains 40 thousand, so there is no need to fill ITR.
3. If someone’s salary is 40 thousand rupees and if he has been on the job for six months in a year, is he entitled to not file income tax returns due to being below the limit of 2.5 lakhs.
answer —-Total 6 months income is less than 2 lakh 50 thousand, in this case ITR is not required to be filled, but if TDS is deducted then ITR will have to be filled for refund.
4. What could be the loss of a gap of one or two years in ITR.
answer —There is generally no loss of a gap of 1-2 years in ITR. But if ever you have to take a loan from the bank, then the bank asks for 2-3 years ITR, in such a situation there is a problem in taking a loan.