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Tuesday, November 30, 2021

ITR: January 10 is the deadline for filing returns, if you want to avoid fines then follow these simple guidelines

ITR Deadline: Today is the deadline to file Income Tax Return (ITR) for the assessment year 2020-21 on Sunday i.e. January 10. After this, on filing the return, you will have to pay a fine of Rs 10 thousand as late fees. In this case, if you have not yet filed ITR, then settle it today. Please tell that due to Coronavirus epidemic, the time limit for filing ITR was extended till 10 January 2021. Meanwhile, more than 5 crore ITRs have been filed till 12 noon on Friday. You can also file your income tax return online. There are simple guidelines for this.

Penalty after 10 January

If taxpayers file the returns after January 10, then a fine of Rs 10,000 will be paid as a late fee. Apart from this, such taxpayers, whose income is not more than 5 lakh, will have to pay only 1000 rupees as a late fee.

Follow this step for online ITR

  • For this, first, you have to go to the e-filing portal of income tax. After which fill in the user ID (PAN number), password and captcha code and login.
  • Click on the ‘e-File’ menu and then click on the link for ‘Income Tax Return’.
  • Now select ‘Original / Revised Return’ in Assessment Year, ITR Form Number, Filing Type. After this, click ‘Prepare & Submit Online’ in submission mode.
  • Fill in the ITR form. (If you do not want to spend too much time, you can also download pre-filled XML in which many information will be pre-filled.)
  • Validate all the information filled in the ITR form and calculate the tax.
  • After filling the form, select the appropriate verification option in the ‘Tax Paid and Verification tab’.
  • After this, click on the ‘Preview and Submit’ button.
  • If you have opted for ‘e-verification’, then you can complete e-verification through one of the EVCs or OTPs.
  • If your PAN is linked with Aadhaar and the mobile number is linked, then complete the e-verification from OTP.
  • After the verification process is complete, you can submit ITR.

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Keep these documents ready

Form 16, Rental Agreements, Property Tax Receipts, Interest Certificates for Home Loans, Bank Statements, Interest Certificates of Bank Loans, Bank Statements, Interest Certificates, Capital Gains Statements, Tax Saving Investments (eg Mediclaim, Insurance Premium, Donations) Keep documents ready. It is necessary to check the bank statements once if any income or asset is not exempted from appearing in the tax return. It also has to show the interest received on the savings account.

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