Mumbai, December 7: The last date for filing of IT Returns for 2019-20 is on December 31, 2020, in case you haven't, you need to hurry up. Generally, the last date to file ITR is on June 30, but on account of the coronavirus pandemic this year, there have been several extensions.

Don't delay it till the last date as there may be numerous problems like technical glitches on the I-T department’s portal or missing information or documents that can delay the process at your end. ITR Filing FY 2019-20: How to File Income Tax Returns Online, Last Date, Penalty And Other Details.

Here are certain dos and don'ts you need to remember before filing your IT Returns:

    • Select the right Income Tax Form: It is very important to select the right income tax form. The reason is filing a wrong ITR form is considered an invalid return.

    • Choose the Right Assessment Year: Remember you will be filing income tax returns for the financial year 2019-20 which is the assessment year 2020-21.  Entering incorrect details could lead to a delay in getting your tax refund.

    • Don't Forget to Disclose Income That You Earned in the Past Financial Year: Even if you unintentionally forget to disclose income that you earned in the past financial year, you may end up getting notice from the IT Department.

    • Complete the Verification Process After Filing Tax Returns: It is compulsory to verify the process even after you file your Income Tax Returns. It won’t be considered complete until you verify the returns within 120 days of having filed it. There are two ways in which you can complete the process- the electronic way can be completed within minutes of filing the return. The other way in which the verification process can be completed is by downloading the ITR-V, or acknowledgement form and sending it physically to the tax department’s CPC in Bengaluru.

 

(The above story first appeared on LatestLY on Dec 07, 2020 10:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).