Last date for filing income tax returns is 31 December, if not done soon, then penalty will have to be paid

new Delhi. You have not yet filed Income Tax Return for the financial year 2019-20, then you have to fill it before December 31. Meanwhile, the Income Tax Department has once again made a special tweet to speed up the process of filing income tax returns of the people. In this tweet, the Income Tax Department has said that ‘File it quickly, processing will happen’. However, this ‘instant processing’ is possible only when the ITR of the taxpayers has been verified, the bank account has been pre-validated and there is no outstanding or income discrepancy.

ITR filing is mandatory for individuals earning a fixed income in a year. Taxpayers generally have to file an ITR by 31 July of any year (unless extended by the government). This year, the Central Board of Direct Taxes has extended the deadline for filing ITR for FY2019-20 (AY2020-21) to December 31, 2020 due to the epidemic.

Under the current income tax laws, a variety of forms are available for different types of assessors to file income tax returns for the financial year 2019-20, such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Which ITR form you should choose will usually depend on two-three things, such as whether a person is Indian or not, filing returns in the capacity of an individual or partnership firm or Hindu Undivided Family (HUF) or No, and source and quantity of income.

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