Income tax has extended the date of filing income multiple times, along with the income tax department has made several changes along with extending the date of investment.
This time you need to be more careful while filing income tax returns. If you show less income in your return, you may have to pay a 50 percent penalty on the hidden income. At the same time, if you give this wrong information by exaggerating tax exemption or deduction, a penalty of 200 percent can be imposed.
Let me know what are the major changes that the Income Tax Department has made
The last date of investment has been extended to 31 July, in addition to this, the last date for filing the original or revision income tax for the financial year 2018-19 is 31 July, before which the date was 31 June.
Date of filing tax returns for the financial year 2019-20
The department has extended the date of filing tax returns for the financial year 2019-20 till November 30, which means that the returns were to be filed till July 31 and October 31, 2020, now you can file the return tax till November. Under Section 270A of the Income Tax Act, taxpayers who give incorrect information can be fined up to 200% of tax evasion.
Changes have also been made in Form-26AS
The Central Board of Direct Taxes (CBDT) has released the revised Form-26AS this time. Details of property and share transactions have also been included in the new form. Along with this, the new form also includes information on fixed financial transactions, payment of taxes made throughout the year, pending or completed process related to demand-refund in a financial year by a taxpayer.
That is, the information of all major financial transactions will be written in this form. The taxpayer will have to give details of this in the income tax return. Experts say that this initiative will also curb tax evasion this time.
Do not hide these details from the Income-tax Department
- Hiding or misinterpreting income
- Not to mention investment made in bank account
- Claiming expenses without appropriate evidence
- Not to mention any single item about total income
- Not to mention foreign or domestic transactions
What to do if there is a mistake
You can revise your returns if you accidentally make a mistake in filling the report. The Income Tax Department provides this facility to every taxpayer. You can do this process online through the income tax department website.
Apart from this, even if you fail to do a lot of income tax ITR, you are still getting a notice from the Income Tax Department, in such a situation it is believed that you have not filed the ITR. Everyone is given 120 days’ time for e-verification.