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    Income tax dept introduces 'Jhatpat processing' feature; here's all you need to know

    Income tax dept introduces 'Jhatpat processing' feature; here's all you need to know

    Income tax dept introduces 'Jhatpat processing' feature; here's all you need to know
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    By Anshul   IST (Updated)

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    The 'Jhatpat Processing', the I-T department said on its Twitter handle, has already started for ITR-1 and 4 and taxpayers can file their IT Return for AY 2020-21 by visiting the e-filing website -- incometaxindiaefiling.gov.in.

    As the deadline to file income tax returns (ITR) for the financial year 2019-20 (the assessment year 2020-21) is coming closer, the income tax (I-T) department has introduced the ’Jhatpat Processing’ feature.
    The 'Jhatpat Processing', the I-T department said on its Twitter handle, has already started for ITR-1 and 4 and taxpayers can file their IT Return for AY 2020-21 by visiting the e-filing website -- incometaxindiaefiling.gov.in.
    However, this 'Jhatpat processing' is possible only when taxpayers' ITRs are verified, the bank accounts are pre-validated, there are no arrears or income discrepancy or tax deducted at source (TDS) or challan mismatch.
    ITR filing is compulsory for individuals earning a specified amount of income in a year. Generally, taxpayers are required to file ITR by July 31 of any year (unless extended by the government). This year, the Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for FY2019-20 (AY2020-21) to December 31, 2020 because of the pandemic.
    Under the current income tax laws, several forms are available for different types of assessees to file their income tax return for the financial year 2019-20 namely ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
    ITR 1, also known as Sahaj, is available for individuals who are residents having total income up to Rs 50 lakh, having income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs 5,000.
    ITR-4, also known as Sugam, is available for Individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act. LLP or limited liability partnership is a partnership in which some or all partners have limited liabilities.
    To e-verify returns, taxpayers can select one of these modes -- registered mobile number, net banking, demat account number, bank ATM, bank account number, Aadhaar OTP and e-mail ID.
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