As the deadline for filing of Income Tax Return (ITR) for the financial year 2019-20 (assessment year 2020-21) is approaching, the Income Tax (I-T) department has started the ‘Jhatpat processing facility‘.
‘Swoop processing‘, the IT department said on its Twitter handle, has already started for ITR-1 and 4 and its IT returns for AY 2020-21 by visiting the taxpayer e-filing website – incometaxindiaefiling.gov.in Can enter. .
However, this ‘instant processing’ is possible only when the ITR of the taxpayers is verified, bank accounts are pre-validated, there is no outstanding or income discrepancy or deducted at source (TDS) or invoice mismatch. is.
Introducing Jhatpat Processing!
File Karo Jhat Se, Processing Hogi Pat Se.
Processing started for ITR-1 & 4.File your #ITReturn for AY 2020-21 NOW, by visiting https://t.co/EGL31K6szN#ITRFileKaroJhatpat#AY202021#ITR pic.twitter.com/JZKUzfli9X
— Income Tax India (@IncomeTaxIndia) December 20, 2020
ITR filing is mandatory for individuals earning a fixed income in a year. Generally, taxpayers are required to file an ITR by 31 July of any year (unless extended by the government). This year, the Central Board of Direct Taxes (CBDT) has extended the ITR filing deadline to December 31, 2020 for FY2019-20 (AY2020-21) due to the epidemic.
Under the current income tax laws, various types of assessors are available to file their income tax returns for the financial year 2019-20, such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
ITR 1, also known as Sahaj, is available to individuals with a total income of up to Rs 50 lakh, income from salary, property of a household, other sources (interest etc.), and agricultural income. Up to Rs 5,000.
ITR-4, also known as SUGAM, is available to individuals, HUFs and firms (other than LLPs) with a total income up to Rs 50 lakh and income from business and profession, which is calculated to be 44AD. , Is done under 448A or 44AE. Under the 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 Email ID.