Income Tax Return (ITR) AY-2020 - AatmaBharat

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What is ITR?

  • It is a form in which the taxpayers are required to inform about his income earned and tax applicable to the Income Tax Department. 
  • ITR should be filed before its due date otherwise a penalty is imposed. ITR forms vary depending on the sources of income of the taxpayer. 
Income Tax Return (ITR) AY-2020 - AatmaBharat

Last Date of ITR for AY 2020-21

  1. The Government in a press conference held on May 13, 2020, announced that the ITR filing deadline for the financial year 2019-20 has been extended to November 30, 2020, from July 31, 2020.
  2. As part of the COVID-19 relief measures, the government has extended the due date for filing Income Tax Returns for all taxpayers to 30 November 2020. 
  3. In the case of taxpayers who are subject to transfer pricing certification, the due date for tax audit continues to be 30 November 2020.
  4. It enables the taxpayers to claim tax deductions for tax-saving investments, payments, donations, and investments for capital gains exemption, made during the extended period until 30 June 2020.
  5. TDS for non-salaried specified payments made to residents and rates of TCS for specified receipts shall be reduced by 25%. 

Who is required to file ITR?

1. For Individual Assessee (Less than 60 years of age)
On first Rs 250,000
NIL
On next Rs 250,000 (from Rs 250,010 to Rs 500,000)
5%
On next Rs 500,000 (from Rs 500,010 to Rs 10,00,000)
20%
On income Exceeding Rs 10,00,000
30%


2. For Senior Citizen (Age 60 Years or above but less than 80 years)


On first Rs 300,000
NIL
On next Rs 200,000 (from Rs 300,010 to Rs 500,000)
5%
On next Rs 500,000 (from Rs 500,010 to Rs 10,00,000)
20%
On income Exceeding Rs 10,00,000
30%


3. For Super Senior Citizen (Age 80 years or above)


On first Rs 500,000
NIL
On next Rs 500,000 (from Rs 500,010 to Rs 10,00,000)
5%
On income Exceeding Rs 10,00,000
30%


4. For Hindu Undivided Family Assessee


On first Rs 250,000
NIL
On next Rs 250,000 (from Rs 250,010 to Rs 500,000)
5%
On next Rs 500,000 (from Rs 500,010 to Rs 10,00,000)
20%
On income Exceeding Rs 10,00,000
30%

5. A company or an organization is bound to file for an Income Tax Return no matter if the company is in loss or profit.

6. If there is a loss that you want to carry forward under the head of income.

7. If a resident Indian has an asset or any financial interest in an entity situated outside the geographic territory of the country.

8. If an individual applies for a loan or a visa, proof of filing tax returns might be required.

9 If an individual receives income from property that is held under any kind of trust for charitable purposes or any research association, educational center, or any medical center, trade union, or any non-profit university.

NOTE: If a non-resident Indian has his/her income sources from India, then he/she is also liable to pay the taxes and also to file Income Tax Returns.


How to File ITR online?



  • Steps to e-File Your Income Tax Returns Online:

  • Login & Required Documents

  • Enter Your Personal Information

  • Enter Your Salary Details

  • Enter the Details for Claiming Deduction

  • Enter the Details of Taxes Paid

  • e-File ITR

  • E-Verify


Get in touch with us at AatmaBharat for more financial updates and stay here to know the documents required to file your Income Tax Return.



Documents Required for ITR Filing


The following documents are necessary for the filing of Income Tax Returns online are as follows:


  1. PAN card

  2. Bank statement

  3. Proof of tax-saving investments

  4. Form 16 (for salaried individuals)

  5. Salary Slips

  6. TDS certificate

  7. Interest certificates from banks or post offices

  8. Form 16A/16B/16C

  9. Form 26AS



How to Download Income Tax Return Form


Taxpayers can find Income Tax Return forms on the official website of the Income Tax Department. To download forms, follow these steps:


  1. Open the Income Tax Department website.

  2. On the homepage, click on the ‘Form/Downloads’ option.

  3. Select the ‘Income Tax Returns’ option from the menu bar.

  4. You'll then be redirected to the ‘Income Tax Return’ webpage.

  5. Download the form that seems applicable as per your source of income and assessment year.

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