Can I File ITR Now?

What is itr1 itr2 itr3 and ITR 4?

ITR 1 SAHAJ Form is not for Non-ordinary resident, or for an Individual who is either Director in a company or has done investment in Unlisted Equity Shares.

ITR 4 Sugam Form is for the taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act..

Which ITR form should I fill for AY 2020 21?

ITR 1 form also known as Sahaj is mainly for salaried individuals earning up to ₹50 lakh annually. Only resident individuals can file ITR-1. The Central Board of Direct Taxes (CBDT) on Saturday has extended the deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21) by a month till 31 December, 2020.

What is last date of ITR filing?

For filing an ITR for financial year 2019-20 — or assessment year 2020-21 — the last date to do so without bearing a penalty is December 31. The. Simply put, individual taxpayers now have until the end of this month to file their return of income, earned between April 1, 2019 and March 31, 2020.

Who will file ITR 4?

Form ITR-4 (Sugam) is a simplified return form to be used by an assessee, at his option, if he is eligible to declare profits and gains from business and profession on presumptive basis under section 44AD, 44ADA or 44AE.

Can I file ITR for AY 2020/21 now?

All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing. ITR 1, 2, 3, 4, 5 & 7 for AY 2020-21 is now available for e-Filing. ITR 6 will be available shortly.

What is the last date for filing ITR for AY 2020 21?

The due date for filing income tax return for assessment year 2020-21 has been extended till December 31. The Finance Ministry has granted an additional month to complete the process. Earlier, it was postponed from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic.

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

What is the income tax slab for 2020 21?

INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22Taxable incomeTax Rate (Existing Scheme)Tax Rate (New Scheme)Rs. 7,50,001 to Rs. 10,00,00020%15%Rs. 10,00,001 to Rs. 12,50,00030%20%Rs. 12,50,001 to Rs. 15,00,00030%25%Above Rs. 15,00,00030%30%3 more rows

Who can fill ITR 1?

For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.), and agricultural income up to Rs 5,000.

Can I file ITR for AY 2019/20 now?

Finance Minister Nirmala Sitharaman in a press conference has announced that the last date for filing tax returns has been extended to June 30, 2020. … The last date to file ITR for AY 2019-20 ( financial year 2018-19) without fine was extended by Central Board of Direct Taxes (CBDT) from July 31 to August 31, 2019.

Are you filing return of income under seventh?

Finance Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for certain class of person who carries out certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below …

What is the last date of filing ITR for AY 2019 20?

November 30, 2020Related. The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for all the entities for the financial year 2019-20 has been extended to November 30, 2020 from the usual deadline of July 31, 2020.

Is ITR date extended?

Important Dates For Filing Income Tax Return: The government had extended the deadline for filing ITR for most individual taxpayers to December 31, 2020. … That means individuals now have until the end of this year to file their return of income earned between April 1, 2019 and March 31, 2020, instead of November 30.

Should I file ITR 1 or itr2?

As per the CBDT, Central Board of Direct Taxes, there are 9 Income Tax Forms that a taxpayer can use and file his returns such as: ITR-1….Difference between ITR1 and ITR2.FORMITR-1ITR-2Income from PropertyThe individual earns from 1 house property only.The individual earns from more than 1 house property.3 more rows