Income Tax Return (ITR) Filing 2019-20 Last Date, Process, Status Online: As the new financial year 2019-20 has begun, individuals whose sources of income is other than their salary, including self-employed people and businessmen, and whose estimated tax liability for the current financial year is Rs 10,000 or more, have to pay the first installment of advance tax, due on June 15.
In simpler terms, salaried people are not liable to pay the advance tax as the employer would deduct it at the source, known as TDS (tax deducted at source). For instance, individuals earning via capital gains on shares, interest on fixed deposits, prize money from lottery or races and capital gains on house property would be liable to pay advance tax.
The government mandates that people pay their taxes in quarterly installments: On the 15th of June, September, December and March. In the first installment, a person has to deposit 15 per cent of the total tax liability.
For those who have become taxpayers recently, the understanding of the filing process and required documents is necessary. Here are all the details about IT returns filing.
When is the last date to file IT returns?
The last date for filing tax returns is July 31. If you miss the deadline, and if you have a tax liability, you’ll need to file belated returns and pay your taxes along with a simple interest of 1 per cent per month on the outstanding due, calculated from the July 31 deadline.
Why you should file income tax returns even if your salary is non-taxable
Many taxpayers are oblivious to the benefits they miss out on, and the consequences that follow, if they don’t file their returns. There’s a lot of confusion – especially among those whose income falls below Rs 2.5 lakh per year – about whether there they need to file an ITR or not.
Process of filing advance tax:
Advance tax can be paid online as well as manually by furnishing a hard copy of the challan at the designated bank.
While the online mode of payments is extensively used, a person has to select and fill relevant Challan no./ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284 or Form 26 QB after logging into the tax payment website. Taxpayers can now file their returns from the comfort of their home by registering not only on the income tax department website i.e., http://www.incometaxindiaefiling.gov.in. but some other websites as well.
Challan details like accounting head under which payment is made, the address of the taxpayer, along with PAN or TAN details are required to pay the advance tax. On submission of the data, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer will be displayed on the confirmation screen and the taxpayer will be directed to the net-banking site of the bank.
After logging in to the net-banking site with the id/password provided by the bank, a person is required to enter the payment details. On successful payment, a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.