An income tax return is a form where taxpayers have to declare their taxable incomes from all sources, eligible deductions, and tax payments if any. This is called ITR Filing Procedure.

If you have paid more taxes than “payable”, you are entitled to Income tax refund. If the reverse is the case, you should pay remaining amount before filing your Income tax return. Cases, where more taxes have been paid beforehand, are TDS or Advance Tax paid by you. In such a scenario, you should show correct incomes and taxes in your Tax Returns.

Income tax return forms range from ITR 1 to ITR 7, used for different types of income and different types of entities. Depending on the type of forms, there are various disclosure requirements.

Filing ITR in India is completely online and paperless. There is no need for you to submit physical return at the local income tax offices. All documents, wherever necessary need to be submitted online. Income tax return is to be filed for a particular Financial Year (i.e. April to March) irrespective of Accounting Year adopted by you.

Income Tax return due date:

Income Tax Return Due date for FY 2018-19:

• Due date of Income Tax Return filling for FY 18-19 extended from 31st July, 2020 to 30th September 2020.

Important: The due date of Income Tax Return Filing (IT Returns) for FY 2018-19 has further been extended from 3oth September, 2020 to 30th November, 2020.

Income Tax Return Due date for FY 2019-20:

Important Update- Due date for Income Tax Return Filing has been extended

• The due date for filing Income tax Returns by other taxpayers (who does not require to get their accounts audited) for FY 2019-20 has been further extended to 10th January, 2021 from December 31st, 2020 and earlier November 30, 2020.
• The due date for filing Income tax Returns by taxpayers, Including their partners (who are required to get their accounts audited) for FY 2019-20 has been extended again to 15th February, 2021 earlier the due date was extended to 31st January,2021 from October 31, 2020.
• The due date for filing Income Tax Returns for the taxpayers required to furnish report in respect of international transactions has been extended to 15th February, 2021 which earlier was extended to January 31, 2021 from November, 2020.
• Also, the due date for furnishing Tax Audit Report and report in respect of international/specified domestic transaction for the FY 2019-20 has also been extended to 10th January, 2021 which earlier was 31st December, 2020.

Read the whole list: Income Tax return Filing- Extension of due dates

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