ITR: Today is the day to file income tax returns, keep these things in mind – otherwise you will be worried later

  • Post category:Tax

Taxpayers now have only one day left to file Income Tax Return (ITR). In such a situation, taxpayers should not make such a mistake for which they have to repent later. ITR has to be filed by 10 January today. This year some new changes have been made in the ITR form to make the process easier and improve compliance. It is important for you to be aware of the six major changes in the new ITR form for FY 2020, including the methods of tax benefits claimed under sections 80C and 80D. This time you will have to enter your additional bank account details in the form. If you have more than one bank account in which you want to refund the tax, then it has to be given in the form.

Information to be given on claiming LTC exemption

Now long-term capital gains (LTCG) from equity shares and mutual funds above Rs 1 lakh are taxable. For this, the department has introduced a separate Schedule 112A in the ITR form. Under this, you have to disclose the details of the sale of equity shares in a company or entity of an equity-oriented fund on which securities transaction tax (STT) is paid under section 112A. According to consultancy firm Deloitte India Partner Tapti Ghosh, the reporting of LTCG in the ITR form for FY20 is required to fill in dividend-wise details. In addition, taxpayers will be required to provide International Securities Identification Number (ISIN), name of dividend, sale of units or shares, sale price, purchase price and fair market value as Schedule 112A.

Tax-saving details have to be given

Due to the Corona crisis, the Income Tax Department has now allowed taxpayers to claim deduction including Section 80C on investments up to 31 July instead of 31 March. To claim such benefits, you have to provide details in the ITR form under a new schedule. If you want to take advantage of this in the next financial year instead of this financial year, you can leave this column blank.

ITR Advice: If you want to get tax exemption in excess of Rs 1.5 lakh, then do not forget to claim these deductions beyond Section 80C of Income Tax.

Aadhaar option in place of PAN

This time another change has been made. Under this, PAN and Aadhaar have been considered almost identical. That is, in cases like income from the buyer of a real estate, house property, people who do not have PAN card, they can now fill the Aadhaar number in ITR instead of PAN number. Earlier in both cases only the PAN card number could be entered.

Other new conditions for filing ITR

If your gross total income is less than 2.5 lakh, then it is not mandatory for you to file ITR. But even in such situation it was necessary to fill ITI in some cases. Like if a total amount of one crore or more has been deposited in one or more current account in the financial year 2019-20, spent more than two lakhs on a foreign trip or on electricity consumption in FY20 Have spent more than one lakh rupees.

ITR: Strict action will be taken on ignoring the tax notice