INCOME TAX RETURN FOR FY 2019-20

INCOME TAX RETURN FOR FY 2019-20

 

As per latest Income Tax Notification, the following due dates have been extended

Particulars

Due Date Extended up to

Revised return for FY 18-19

31st July 2020

Return for FY 19-20

30th November 2020

Tax Audit report for FY 19-20

31st October 2020

Furnishing of TDS/TCS Statement of February/March 2020

31st July 2020

Furnishing of TDS/TCS  certificate of FY 19-20

15th August 2020

 

Deductions under Income Tax can be claimed for FY 2019-20

  1. Standard Deduction of 50000 is allowed for all assessee.
  2. Investment in Public provident fund, Employee provident fund, tuition fee of children, life insurance premium, Principal sum of home loan is eligible for deduction in 80C up to 1.5 lakh.
  3. Investment up to Rs. 50000 in the national Pension Scheme is eligible for deduction under 80CCD.
  4. Payment of medical insurance premium up to Rs 25000 is eligible for deduction under 80D.
  5. Interest on saving up to Rs. 10000 is eligible for deduction under 80TTA.
  6. Donation to the notified Institutions and the relief funds set up by the government are eligible for deduction under 80G for 50% and 80% as per the type of institutions for all assessee
  7. Donation made to the registered political party and electoral trust is eligible for a 100 % deduction under 80GGC for all individual assessee. Donation should not be made in cash.
  8.  Donation made by any Indian Company  to the registered political party and electoral trust are eligible for 100 % deduction subject to the following condition
  1. Cash Contribution Not allowed
  2. No limit mentioned in the Income-tax Act, 1961 but as per Companies act 2013 Companies can Contribute up to 7.5 %  of their annual net profit(three-year average)
  3. Disclosure of the amount of the party and amount is required in profit & loss account

 

List of Documents and Information required for filing the ITR for the FY 2019-20

1. Copy of PAN Card, Passport, and Aadhar Card.

2. Mobile No & Email id.

3. Permanent Residence Address.

4. Copy of all Bank Statements along with A/c no., IFSC code, and address including PPF accounts.

5. Details of Foreign Bank accounts, property, Shares, and any other investments.

6. Details of Business income, consultancy, Directors Fee and receipts from any other

Source.

7. Tax Deducted at Source- certificates including Form 16 and Details of Advance Tax and Self-Assessment paid.

8. Rental Income if any, along with details of Housing Loan, Municipal taxes, etc paid.

9. Details of Property/Shares/Mutual Funds and any other non-personal asset sold during

the year along with purchase details i.e. Date and Cost of purchase, Cost of

improvement, Date of sale, and sale consideration). Details of purchase and sale of all

assets above Rs. 25,000/- should also be given. Foreign trip details may also kindly be

given.

10. Details of saving bank interest and interest received on FDRs and other Bank Balances.

11. Detail of Dividend received - Indian and Foreign to be shown separately.

12. Details of investment for claim under Chapter VIA - e.g. LIC, PPF, Mediclaim, Home

loan interest & principal bifurcation, children tuition fees, donations made, etc.

13. Details of gifts given and received.

14. Any other income not included in the above including Minor’s Income.

NOTE: A new sec. has been inserted and assessee will be liable to pay FEES of 5,000/- ifITR submitted after 30th November and 10,000/- after 31st December.

 

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