Due date for Tax Filing for FY 2019/20| North Loop Official Blog
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13 Oct 2020

Due date for Tax Filing for FY 2019/20

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What is Income Tax?

Income Tax is a government-mandated charge levied on individuals or businesses based on the income earned in a financial year. Income tax is levied on salaries received by an individual (an employee of a company), income received from conducting business, income received from rent, etc. India charges income tax on a slab basis, meaning any individual who has a gross income of more than Rs. 250,000 annually is liable to pay income tax. Individuals who earn less than the stipulated income is exempt from tax.

Income tax can either be collected from individuals or organizations in the form of TDS (Tax Deducted at Source) or individuals can file taxes manually. The income tax collected is then utilized for all government welfare activities such as the construction of roads, hospitals, schools, and infrastructure.

How to file income tax?

With constant efforts of Digital India, Income Tax can now be filed online on the government established income tax portal. One would require to register with the portal by providing a PAN (Permanent Account Number) details. Once this is done, all relevant ITR forms need to be filled, followed by computation of tax payable. Some important forms are as follows-

Form 16- Certificate issued by the employer that contains details of TDS pertaining to the head ‘salary’.
Form 16A- Certificate containing details of TDS on income other than salary, such as interest received from Fixed Deposits, insurance commission, etc.
Form 26AS- It is a consolidated annual tax statement containing details pertaining to taxes paid against PAN.

Once this is done, the forms need to be uploaded onto the portal with the signature and the due amount needs to paid on the portal itself. Once this is done, an acknowledgment is sent to the individual and the same needs to be verified.
Individuals that fail to file taxes before the stipulated deadline are liable to pay a penalty or fine.

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Income Tax Due Date for tax filing for FY 2019-20-

For the FY 2019-20, the due dates have been extended to 30th November 2020 for all taxpayers. Given below is the list containing the different due dates for different taxpayers for FY 19-20-

Type of Taxpayer Due Date
Individual30/11/2020
Hindu Undivided Family (HUF)30/11/2020
Body Of Individuals30/11/2020
Association of Persons30/11/2020
Businesses (That require audit)30/11/2020
Businesses (That require TP report)30/11/2020

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.