Income Tax Returns Filing: All you need to know about eligibility of filing ITR for FY 2019-20

The Income Tax Department has announced a further extension to the deadline for filing income tax return (ITR) for the financial year (FY) 2019-20. The ITR can now be filled till November 30.

The department, in a tweet on July 4, said the move has been taken “understanding and keeping in mind the times that we are in” and hoped it will help taxpayers “plan things better”.

According to a report by Economic Times, if a tax payer fails to furnish the income tax return before deadline, one will be imposed a penalty ranging between Rs 1,000 to Rs 10,000. This fee or penalty has to be paid in case of belated ITRs even if the tax liability is nil.

The government has also extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31. It also extended deadline for issuing Form 16 and Form 16A to August 15, 2020.

The report also says that certain individuals are mandatory to file an ITR. The ones falling in this category are:

  • The individual's taxable income exceeds the maximum amount not chargeable to tax, reports Economic Times. For the FY 2019-20, the basic exemption limit is Rs 3 lakh for senior citizens (aged 60 years or more but less than 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others.

  • Even filing an ITR for FY2019-20 is mandatory if the individual needs to claim an income tax refund.

  • The Economic Times report further states that individuals who have undertaken specific transactions, for eg., payment of electricity bill in excess of Rs 1 lakh during FY 2019-20, or deposited more than Rs 1 crore in one or more current accounts, will have to file an ITR.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal