The deadline for filing income tax returns for the financial year 2019-20 (the assessment year 2020-21) is 31 December.
ITR Filing Jhatpat Process: Deadline for filing Income Tax Return (ITR) for the financial year 2019-20 (the assessment year 2020-21) is getting closer to 31 December. In such a situation, the Income Tax Department has introduced the ‘Instant Processing’ feature. Under this, ITR-1 and ITR-4 can be easily filed. The IT department has kept the tagline ‘File Karo Jhat Se, Processing Hogi Pat Se’ for this new feature. The IT department gave information about it by tweeting about the new feature and said that this feature has been launched for ITR Form-1 and Form-4 and taxpayers can file it on the e-filing website.
However, ‘instant processing’ is possible only when the ITR of the taxpayer has been checked and the bank statements have been pre-validated. Apart from this, there is no income difference and TDS is deducted. Taxpayers can choose any mode of registered mobile number, net banking, demat account number, bank ATM, bank account number, Aadhaar OTP and e-mail ID for e-verification of returns.
Documents required for ‘Jhatpat Processing’
- Form 16
- Form 26AS
- Bank statement
- Aadhaar or Enrollment ID Number
ITR file can be done in two modes
- For the assessment year 2020-21, ITR-1 and ITR-4 can be filed through two modes.
- Offline – Download the applicable ITR form in Java or Excel format and create an XML file by filling it offline. After this login and upload on this e-filing portal.
- Online – Log on to the e-filing portal, plan and upload the returns.
The online method of filing ITR
- Visit the e-filing tax portal through this link. https: // www.
incometaxindiaefiling.gov.in/ in / infiling
Fill in your User-ID (such as PAN), password and captcha code and click on login.
- Under the e-file menu, click on ‘filing income tax return’ or ‘return income tax’.
- Select ‘Original / Revised Return’, ‘Prepare and Submit Online’. Prepare and submit online.
- For refund credit bank account, select either ‘Prevalidated’ or ‘Latest ITR’. And click on Continue.
- The pre-filled content will appear in which there will be a check box of the agreement after seeing all the details, check it and click on Continue.
- To verify the data of ITR, click on the ‘Preview and Submit’ button.
- Submit it to add ITR or you can edit it.
- Verify ITR online.
The full process to file ITR offline
- Website of e-filing income tax https: // www.
incometaxindiaefiling.gov.in/ Go to in / infiling.
- Click on ‘IT Return Preparation Software’ in the download menu. Choose your assessment year and download the Relevant ITR form or in Java or Excel format.
- Click on ‘Pre-filled XML’ download on the ‘My Account’ section tab.
- For refund credit bank account, select ‘Prevalidated’ or ‘New ITR’ and click on an XML download. Then click on Continue.
- Install the downloaded utility on your computer system.
- Search for pre-field information imported into the ITR utility.
- Validate the information given in the ITR form and correct any mistake. After this, assess the tax.
- Generate an XML file and save it.
- On the e-filing portal, fill in the user ID (eg PAN card), password, captcha code and click on login.
- Click on ‘Income Tax Return’ under the e-file menu.
- Pan will come pre-filled. Select Assessment Year, ITR Form Number, ‘Original / Revised Return’ and select ‘Upload XML’ submission mode after filling in the information.
- To check ITR, select Certificate of Digital Signature (DSC), Aadhaar OTP and click on Continue.
- Attach the XML ITR file and click Submit.
- E-Verify ITR.
Missing deadline of 31 December will attract penalty
- Under section 234A of the IT Act, interest will have to be paid at the rate of 1 percent monthly until the return of the revenue filing is filed.
- A late fee of 10 thousand rupees will have to be given under section 234F. However, if the overall income does not exceed Rs 5 lakh, then the late fee will not exceed Rs 1,000.
- If there is no tax liability on the taxpayer, then he will have to pay a late fee of Rs 10,000 under section 234F. However, if the overall income is not more than Rs 5 lakh, then a late fee of not more than 1 thousand rupees will have to be paid.