NEW DELHI | The Income Tax Department has issued a guideline manual of hundreds of pages to fill tax (tax) returns for the year 2020-21. The Income Tax Department has issued a detailed guideline for filing tax returns of different types of deposits.
These guidelines have been issued to help taxpayers to fill the Income Tax Return Form-1 for the assessment year 2020-21 related to FY 2019-2020.
This return form is to be used by an ordinary resident whose total income in the year 2020-21 does not exceed Rs. 50 lakhs and who has received income through some prescribed means. These include income pay/pension, income from one house property, income from interest under other sources of taxable family pension.
Further, in a case where the income of another person like spouse, minor child, etc., is to be combined with the income of the assessee, this return form can be used only when the income of all the above income categories. Do you come
The Income Tax Department guidelines state that this return form should not be used by a person who is a director in a company, has taken any unlisted equity shares at any time during the previous year, his India Has any property outside or receives income from any source outside India.
This return form cannot also be used by a person who has received profits from businesses, capital gains, and income from more than one house property during the previous year.
Apart from this, the guidelines clearly state that this form should not be used even if the income is received from winning the lottery or if the person owns racehorses or is involved in such activity.
Also, this return form cannot be used even by a person who has received income from house property.
Please tell that during the Corona period, the Income Tax Department has extended the last date for filing returns. According to the information received from the Central Board of Direct Taxes (CBDT), now common citizens, who did not have to file an audit report with their returns, can file their returns for the year 2019-20 by 31 December 2020. The last date for this was fixed for 30 November 2020.
According to information received from the Union Finance Ministry, now taxpayers whose returns do not have an audit report can file their returns by 31 December 2020. For those taxpayers, whose returns have to be audited, the last date for filing IT returns has been set as 31 January 2021.