Income Tax returns are to be filed every year by taxpayers having taxable Income of Rs.2.50 lacs and above. This year i.e. for the F.Yr.2019-20, the taxpayers having total income upto Rs.5 lacs are not required to pay any tax. However they have to file return of income if their gross total income is more than Rs.2.5 lacs.
The due dates of filing return of Income Tax is generally 31st July for non-audited assessees and 30th Sept. for audit assessees.
The current year has witnessed a pandemic and the whole world is unable to cope with the current situation which has arisen due to Covide-19.
Due to the pandemic India has also suffered a lot and hence the due dates of compliances under various tax laws have been relaxed by the Govt. of India to provide relief to taxpayers.
In Income tax also, the due dates of filing of Returns have been relaxed and the same are as under :
Due date for filing return for non-audit assessees 30th Nov.2020
Due date for filing return for audit assessees 31st Oct.2020
Thus a significant relaxation has been provided for filing the IT Return for taxpayers.
The date of filing of IT Return is fast approaching now. The taxpayers are advised to file their return in time to avoid late fees and interest.