In simple words, the IT return filing is the report of total income earned by an individual taxpayer on a particular financial year. From the ITR 1 to ITR 7, the return filing has seven different categories.

1. Can I file ITR for FY 2020-21 Now? 

Yes, you can file the online income tax return now. You have to check the upcoming dates.

These are the stipulated tax filing dates for FY 2020-21.

2. How To File An Income Tax Return Online For Salaried Employees?

The income tax return online filing process for the salaried employees is not easy. Additionally, the salaried class remains busy with office and other duties for consecutive five or six days. While there are third party support groups to help you in filing ITR with the new income tax portal, people who belong to the salaried class often face problems with it.

3. Can I File The Last 3 Years ITR? 

According to the IT Act, you cannot file the ITR for the last three years in a single year. This is against the IT Act. However, for this year, due to COVID pandemic, the Government of India has extended the date for ITR filing for quite a few months. 

4. What If IT Returns Are Not Filed?

There are penalties that you have to go through for not filing ITR on time or in the case of never paying it. The tax law dictates that you have to go to jail or go through rigorous imprisonment for a minimum of three years to seven years maximum. 

For late filing of ITR, different kinds of punishment that you are going to face. IT filling not on time means the taxpayer is going to be penalised under section 234F. Other than the penalty there are other issues a taxpayer may face after not filing ITR on time.

You are going to get your refund late for not filing ITR on time. The section 234A says you have to pay the penalty with 1% interest rate. 

5. Employment Related Issues

A Consolidate Form 16 and 12BA must be issued by the current employer if there are certain changes in the employment. Otherwise an individual taxpayer may face problems with TDS related issues.

6. Scrutinize Your Tax Liability

Before ITR filing online, an individual taxpayer must go for scrutinizing the tax liability. After the scrutinizing process is over, the necessary tax payment must be done on time. The Chapter 6-A of the IT Act depicts applicable tax rates and total tax liability.  

7. Check Out Form 16 And Form 26AS

Before ITR filing, prepare all the data related to Form 16 And Form 26AS. Along with both these Forms, you have to make a scrutiny of your TDS, Advance Tax, and Self-Assessment Tax. These are the important things to be scrutinized before ITR filing.  

8. New Tax Regime Or Old Tax Regime

From the current Financial Year 2020-21, there are two choices before the taxpayers while filing the Income Tax Return. According to rules, the business groups cannot change the tax regime every year but the individual taxpayers can change the tax regime as per their benefit and that too every year.

9. JSON- The New Focus Point

For FY 21, the JSON file has been introduced by the income tax department. Now, the ITR 1,2, and 4 can only be prefilled by taking the help from JSON.

10. Asset And Investment Disclosure

Bank accounts, liabilities, equity shares, and assets have to be disclosed as per the ITR form. Every individual taxpayer should take care about this point. 

Can You Take Support of Online Legal India™ While Filing ITR?

With technical glitches in the website, old and new regime in tax, and due to other problems, tax filing has become a little complex issue now.With ITR  E- Filing, the Online Legal  India Experts can help you with epf registration online. 

That is why, as a salaried taxpayer, you can take the support of Online Legal India™ for tax related matters.