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ITR filing deadline ends today; here's your last minute checklist

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ITR filing deadline ends today. Those who file ITR after December 31 for financial year 2020-21 will be liable to pay a penalty which can be a maximum of Rs 5,000. With only one day to go, taxpayers should file ITR without any further delay. Here's your last minute guide:

ITR filing deadline ends today; here's your last minute checklist
The deadline to file Income Tax Return (ITR) without penalty is expiring today. Those who file ITR after December 31 for financial year 2020-21 will be liable to pay a penalty which can be a maximum of Rs 5,000.
Here's a checklist to help taxpayers file ITR successfully before the deadline expires:
Why should one file ITR?
A person can claim the refund of the excess tax paid/deducted during a financial year by filing an ITR for that year. Also, ITR can be used as proof of income and address. ITR filing is compulsory for individuals earning a specified amount of income in a year.
Where to file ITR?
The I-T department has established an independent portal for e-filing of ITR -- incometaxindia.gov.in.
Additionally, there are certain private entities, registered by the Income Tax department that enable e-filing process through their websites.
How should one choose right ITR form?
There are different forms prescribed for different types of taxpayers. For example, ITR-1 is applicable only for resident individuals having income up to Rs 50 lakh and only for those having income from salary, one house property and other sources.
So, one should be careful while choosing the ITR form. A wrong form can render the tax return filed defective and the taxpayer may receive a notice to file the return once again.
What are the documents required to file ITR?
Aadhaar card, Permanent Account Number (PAN), Form 26AS and Form 16 are some of the key documents required for filing ITR.
What are the mistakes to avoid while filing ITR?
While filing the returns, one must ensure the assessment year is correct. For FY 2020-21, the correct corresponding AY is 2021-22.
A taxpayer should declare all their bank accounts in India except dormant accounts. The taxpayer can choose the bank account in which they want to get their refund credited.
The ITR forms carry several rows and columns that need to be filled out at the time of filing one’s income tax returns. The details have to be entered in a particular format, which if not done properly, can lead to errors.
How to verify ITR after filing it?
Once the ITR is filed, it is mandatory for the taxpayer to verify it within 120 days, according to Income Tax (I-T) e-filing portal.
If the ITR is not verified, then it is termed as ‘Defective Return’. I-T Department offers five ways for verification of an ITR: net banking, bank ATM, Aadhaar OTP, bank account and demat account.
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