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ITR filing deadline nears: From key documents to types of forms; here's all you need to know

Mini

ITR filing deadline nears: With only 11 days to go, taxpayers should file ITR without any further delay. The obvious reason: late filing can result in interest charges. Taxpayers are required to clear their liabilities at the end of the financial year, else the dues attract penal interest.

ITR filing deadline nears: From key documents to types of forms; here's all you need to know
The Income Tax (I-T) Department on Monday urged the taxpayers to file their Income Tax return (ITR) for financial year 2020-21 or assessment year 2021-22 without any further delay. The department has been issuing reminders as the deadline to file return is December 31.
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 FY2020-21 (AY2021-22) to December 31, 2021 because of the pandemic.
So, this means taxpayers only have 11 days to file ITR.
Here are key things to know about ITR filing:
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.
Is it compulsory to file ITR?
ITR filing is compulsory for individuals earning a specified amount of income in a year.
Where to file ITR?
The process of filing of an I-T return online is known as e-filing.
The I-T department has established an independent portal for e-filing of income tax returns -- incometaxindia.gov.in.
Additionally, there are certain private entities, registered by the Income Tax department that enables e-filing process through their websites.
What are the documents required to file ITR?
Aadhaar card, Permanent Account Number (PAN) card, Form 26AS and Form 16 are some of the major documents required for filing ITR.
What are the different forms available for filing ITR?
The forms available for filing income tax return for financial year 2020-21 are Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7.
What happens if one fails to file ITR within the deadline?
Taxpayers are required to pay penalties if they file ITR after the deadline. Such ITR filing is known as belated ones. Besides this, a delay in filing ITR also makes one liable to pay interest.
What happens if one doesn’t file ITR at all?
In case an assessee doesn't file ITR at all, he/she will not be able to carry forward the losses of the current assessment year. A penalty may also be levied which is a minimum of 50 percent of the assessed tax or a maximum of 200 percent of the assessed tax. The assessee may have to face prosecution also (i.e. rigorous imprisonment for a term up to 7 years and fine), in extreme and high-value cases.
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