You may be already aware of the fact that the ITR or Income Tax Return filing last date has been extended from 31st July 2021 to 30th September 2021 for the Financial Year (FY) 2020-21 or the Assessment Year (AY) 2021-22.
The reason for the date extension is COVID-19 pandemic and the financial hassles we all are facing these days. All the information, as you know, have been certified by CBDT (Central Board of Direct Taxes), Govt. of India. 

Check Out New Changes Has Been Brought under FY 2020-21 or AY 2021-22

The introduction paragraph has already made you notified that the ITR filing date has been extended from 31st July 2021 to 30th September 2021. 

For FY 2020-21, the deadline for receiving the Form 16 is 31st July 2021. The Form 16 is a certificate that employers issue to the employees. The Form 16 has two components. These are Part A and Part B. 

The 5 Points that to be Remembered for ITR Filing

Now, you can take a look at the 5 points that you have to remember while filing ITR for FY 2020-21.

1. Get Briefed on Tax Slabs

Different income groups have been included in different tax slabs. You can have a look at this. A person does not have to fill up any income tax if the person’s income tax is maximum 2.5 lakhs per annum. For all the persons who are earning 2.5 lakh to 5 lakhs then the ITR rate is 5%. 10% is the ITR rate whose income is from 5 lakh to 7.5 lakh. Persons who are earning 10 lakh to 12.50 lakh are going through 20% tax slab rate. Persons whose income is more than 15 lakh goes through a 30% tax slab rate.   

2. Selecting The Right ITR Form

The income earned from various sources as well as the residential status of an individual person is responsible for choosing the right kind of ITR form. 

So, selecting the ITR form carefully is your duty. Just like ITR-7 filing is associated with Section 8 companies, the OPC companies should also make ITR-6 filing. However, before that the firm has to make OPC company registration first.

3. Advantages of Tax Filing with Investments

There is a certain advantage that you can get while making tax filing if you make an investment. The tax advantages you are going to get are Section 80 ( c ), Section 80 ( D ), Section 80 ( DD ), Section 80 ( E ), Section 80 ( G ), and Section 80 ( TTA ). The taxpayers can claim deductions upto 1.5 lakhs for it.

4. Filing ITR in the Online Mode

The ITR filing through the online mode has certain advantages. You can make a quick filing if you file the ITR through the online mode. The offline ITR filing mode can eat your time. So, the better for you will be to fill up the ITR (Income Tax Return) in the offline mode.

5. Why ITR Filing Is Necessary

There are quite a few reasons filing ITR is necessary. ITR filing may help you in tax deduction and refund claiming. There are certain penalties attached with not filing an ITR. You may go to jail or may have to go through rigorous penalties if you don’t make income tax filings. 

How Can Online Legal India™ Assist You

The Government of India is strict with the ITR filing rules. Penalties are stipulated under u/c 234 IT Act where 1% of amount levied on the due interest. 

So, be careful of the penalties levied by the Govt. of India. You can take support of the online tax consultation experts of Online Legal India™ and file your ITR in online mode without any delay.