ITR for the Assessment Year 2020-21 Extended till December 31, 2020

   

ITR for the Assessment Year 2020-21 Extended till December 31

The due date for filing an income tax return for the assessment year 2020-21 has been extended till December 31. The Finance Ministry has given an additional month to perform the ITR process. Earlier, it was suspended from July 31, the annual due date for filing returns, to November 30 due to the Covid-19 pandemic. Taxpayers now have continuously December 31 to file their ITR earned between April 1, 2019, and March 31, 2020, instead of November 30. For individuals needed to get their accounts inspected, a new deadline of January 31 is applicable, instead of December 31.

 

Income Tax

Everyone who earns income over a specific amount is subject to income tax. Your income could be from salary, income from mutual funds, interest income from savings, sale of the property, or business or professional income. Income tax rates are pre-decided at the origin of the year in the Union Budget. The deducted or tax paid on these incomes is called the income tax.

 

Income Tax Return

An income tax return is an income tax form that you require to fill and submit it electronically to the Income-tax Department. In this form, you require to give details of your income and taxes. The income tax return forms are in different formats like ITR-1, ITR-2, and many more. Each form depicts a separate kind of Income taxpayers. You need not worry about your category as SK Tax Law Firm handles it for you automatically.

ITR for the Assessment Year 2020-21 Extended till December 31, 2020

Remember, Income tax is a Direct tax and you require to only report direct income and taxes paid on that income. The tax return formats are predefined forms by the Central Board of direct taxes. The tax returns must be filed every year and necessity be filed by a specific date. If the return gives excess tax has been paid during a given year, you are qualified for an income tax refund, subject to the department’s interpretations and calculations.

 

Why Should You File?

Many believe that filing tax returns is optional and therefore dismiss it as irrelevant and burdensome. Filing tax returns is a yearly event and is a moral and social responsibility of every honest citizen.

  • Your loan or credit card corporation may want to see your income tax return
  •  If you want to claim compensation against past losses, a return is needed
  • Filing income tax returns may show useful in case of revised returns

 

Common Mistakes While Income Tax Return Filing Online

Listed following are some of the most common tax filing errors you must avoid:

  • Not paying tax on house property
  • Not reporting all the causes of income
  •  Providing incorrect postal and email address
  • Not reporting exempt income
  • Not checking the form before filing

 

ITR Filing in Delhi NCR

SK Tax Law Firm is a Delhi-based company, which is involved in offering Income Tax Return filing Delhi NCR at an affordable rate. Our team is always ready to provide complete professional assistance to our clients to provide them satisfaction. We provide ITR Filing consultancy service in Delhi and many other services to our clients. We offerIncome Tax Return Filing by Experts to guarantee that you get your Income-tax Refunds in a timely. We ensure clarity in services and provide you with ITR acknowledgment within a few minutes with your tax documents for ITR filing online. We provide end to end ITR filing service in Delhi NCR to our clients, to ensure the highest tax refund and timely tax return filing.

SK Tax Law Firmis the leading provider of Income Tax and other business services in India, offering a variety of services like Income Tax Filing, MSME Registration, GST Registration, GST Returns Filing, Company Incorporation, LLP Registration, Trademark Registration, and many more. Get a free consultation for Income Tax Return Filing with us at +91-9719586772, send your query at info@sktaxlawfirm.com.

 

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