Income Tax Return Filing: It is the duty of every salaried person to file Income Tax Return (ITR). Especially if you are an income tax payer, then it becomes even more important for you to file ITR (Income Tax Return) on time. If not doing so, taxpayers also have to pay a fine. Taxpayers do not need to disclose major transactions in the Income Tax Return Form
The central government has extended the last date for filing of income tax returns for the financial year 2018-19 and by two months i.e. 30 September. The Income Tax Department said, “In view of the corona virus epidemic, the Central Board of Direct Taxes (CBDT) has given the last date for filing income tax returns for the financial year 2018-19 (assessment year 2019-20), giving further relief to the income tax payers. Has been increased from 30 September 2020.
It is noteworthy that the date of filling the original or revised income tax returns for the financial year 2018-19 was extended for the third time. While giving a big relief to taxpayers in view of the corono virus epidemic, the Income Tax Department extended the last date for filing ITR for 2019-2020 to 30 November 2020 in the month of July.
The Income Tax Department said at the beginning of the month that it has started the facility for scheduled commercial banks to view the income tax returns filed by any of its customers. Banks will be able to get information about the return filed by the customer according to the Permanent Account Number (PAN). The department said that the data has shown that people who have withdrawn huge amount of cash have never filed ITR.