ITR FILING (INDIVIDUAL)

Income tax return is required to be filed by every individual on fulfillment of prescribed criteria(s). Further, the non-filing of Income tax returns may lead to implications (viz., fine, penalty etc.) under Income tax Act, 1961, depending on various scenarios. Certain relevant queries in connection with the same have been dealt below in the form of an FAQ:

Filing of Income tax Return is mandatory in any of the following situations: - Income Criteria (Prescribed by Income-tax Act, 1961)

Persons

Gross Total Income (before 80C to 80U deductions)

(Individuals) Senior Citizen (age >= 60 years <= 80 Years)

Exceeding 2,50,000/-

(Individuals) Super Senior Citizen (age > 80 Years)

Exceeding 3,00,000/-

Individuals other than above

Exceeding 5,00,000/-
In addition to above, tax return is required to be filed where a refund is due or loss is required to be carried forward. While the above criteria(s) are prescribed, there are following situations wherein income tax return is required to be annexed as document
  • In case a loan is intended to be applied to any financial Institutions
  • In case VISA application is required to be filed
The non-filing of an income tax return shall lead to fine of following amount under section 234F
Filing of return on Amount of Fine If Income is up-to INR 5 Lakhs Amount of Fine If Income is above INR 5 Lakhs
After due date but before 31st Dec 2020 INR 1,000/- INR 5,000/-
After 31st Dec 2020 but before 31st Mar 2021 INR 1,000/- INR 10,000/-
Normally the due date of filing income tax return for the FY 2019-20 is
Persons Normal Due Date Due date extended due to COVID-19
Individuals having income from Salary/ Interest/ house Property 31st July 2020 30th November 2020 (Applicable for FY 2019-20)
The government has specified various rates as follows Individuals  
Income Slab Senior Citizens Very Citizens Others
(age >= 60 years <= 80 Years) (age > 80 Years) Age < 60 Years
Tax Rate Income Slab Tax Rate
Upto 2.5 Lakhs Nil Nil Nil
2.5 Lakhs to 3 Lakhs Nil Nil 5%
3 Lakhs to 5 Lakhs 5% Nil 5%
5 Lakhs to 10 Lakhs 20% 20% 20%
10 Lakhs & Above 30% 30% 30%
 
  • Education cess& Health cess shall be applicable on the amount calculated as above @ 4%
  • A Tax rebate maximum up-to Rs. 12,500/- shall be applicable for Total Income up-to Rs. 5,00,000/-
  • Income Tax E-portal login id & password
  • PAN & Aadhar of the assessee
  • Digital Signature Certificate, if available
  • Details of Income such as Form-16, Interest Income, House Property Income, Capital Gain income, income from other sources and/or Income earned outside India
  • Tax saving investments, if any
  • Bank Statement of the assessee
The broad process of filing Income Tax Return involves following steps:
  • STEP 1: Provision of requisite mentioned documents/information to us
  • STEP 2: Validating the documents/ information and processing the same.
  • STEP 3: Filing of return and submission of the same in online/offline manner, as the case may be
  • STEP 4: Payment of appropriate government fee as applicable
  • STEP 5: Submission of return within due date
The process of submission of Income Tax Return can take anywhere between 1 to 2 working days, subject to submission of correct information and complete documentation.
Legal Terminus can help you with filing of Income Tax Return for you or your organization, within due date, in a hassle-free manner within a reasonable time span and for competitive professional fee. To know more, please book a telephonic appointment with one of our consultants free of charge.

* Terms & Conditions   

1) In case the above plan does not qualify your requirements, kindly contact our executive, we shall be happy to customise a plan for you

2) The Income Tax amount payable to the govt. shall be directly paid by the client