December 31 is the last date for filing ITR, if you did not submit, then late fees have to be filled
new Delhi. Those who have not yet filed Income Tax Return for the financial year 2019-20, must file it by 31 December. Because after filing tax, you may have to pay a penalty of up to 10 thousand rupees. Due to Corona period, the government has already extended the deadline for filing ITR many times, but December is the last chance for you. So know how to submit the form sitting at home and what documents will be required.
ITR filing process
Taxpayers can file ITR both online and offline. For this, Form-1 and Form-4 have to be filled. To file the return, login to the e-filing portal and prepare and submit the ITR. In the online mode, only Form-1 and Form-4 can be filed. You can file ITR with the help of software. In this, download the applicable ITR form in Java or Excel format and fill it offline. Now generate XML of it and login and upload it on the e-filing portal. This process will also easily file ITR.
How to fill ITR offline
To file ITR offline, visit the income tax e-filing portal www.incometaxindiaefiling.gov.in. Click on income tax return software here and go to menu and click on download. Also select your assessment year and download the applicable ITR. Now fill the form and submit it. You can also download pre-filled XML if you want. Many information will already be filled in it. With this you will not need to fill all the details again.
How much will the penalty be
The last date for filing ITR is 31 December. If taxpayers do not file returns between this period, they will have to pay a fine of Rs 10,000. However, these late fees are for those with income above Rs 5 lakh. At the same time, those with less than five lakh income will have to pay 1 thousand rupees as late fee.