Now only a week is left for filing Income Tax Return (ITR). If you have not yet filed your ITR, then you can do it immediately. Actually, the Income Tax Department has started an instant processing service for ITR-1 and 4. With its help, you can easily file returns for assessment year 2020-21.
The last date for filing the Income Tax Return for the assessment year 2020-21 for the financial year 2019-20 is December 31. With only a few days left. In such a situation, the Income Tax Department has brought an instant processing service for your convenience. Usually after the process of income tax return verification, it takes about 20 to 45 days to process the return, but now it will happen quickly.
This year due to Corona virus epidemic and lockdown, the Income Tax Department has extended the last date for filing ITR many times. According to the information received, now you can file your ITR for FY 2019-20 till 31 December.
Recently, Union Finance Minister Nirmala Sitharaman had told that the deadline for direct tax assessment has also been increased. Now it has been increased from 30 September to 31 December. He also said that TDS, TCS rates have been reduced by 25%. This will give a relief of 50,000 crore to TDS and TCS payers. Especially for non-salaried people, there will be great relief, that is, refund will be given to the professional immediately.
