The Income Tax Department has increased the deadline for filing income tax returns for the financial year 2019-20 to November 30, 2020, as well as the limit for payment of self assessment tax.
The Central Government has increased the deadline for filing Income Tax Return (ITR) for the financial year 2019-20 on November 30, 2020. Along with this, the limit for payment of self assessment tax has also been increased. Those whose self assessment liability is up to one lakh rupees can file returns by November 30, 2020. Now the biggest question is, for whom people are required to file income tax returns? People who are working or retired often feel that tax has been deducted from their income, then they do not have to file ITR. If you think the same then you are wrong.
Actually, there is a difference between filling ITR and depositing Income Tax. Filling of ITR means giving information about your income and expenses to the government. If you are liable to pay tax after filling ITR, then you have to pay tax. If you are earning more than the tax exemption limit from your job, business or profession, then it is necessary for you to fill the ITR.
Who has to fill ITR
If you are a citizen of India or Overseas Indian and your total annual income is more than 2.5 lakh rupees in any one financial year, then you must file ITR. If your annual income is more than 2.5 lakhs, but even after tax deduction investment like health insurance or medical insurance, if your total income falls below Rs 2.5 lakhs, you still have to file ITR. Also if you have income from tax free capital gains or sale of equity shares, then filing ITR is necessary. In this situation, you do not actually pay any tax to the government, but submit a solid proof of your income.
They get a discount
If you are under 60 years of age and your total income is more than 2.5 lakh rupees, then filing ITR is necessary. At the same time, it is exempt from filing ITR on income up to Rs 3 lakh when the age is between 60 and 80 years. At the same time, income of up to Rs 5 lakh is waived if the age is 80 years or more. If your total income in a financial year is only from agriculture and allied work, then you do not need to fill ITR. Also, if your total annual income is less than 2.5 lakh rupees, then it is not necessary for you to fill ITR ITR.