Last Date of ITR and Tax Audit for AY 2020-21
As we are aware that, the last date of the ITR and Tax Audit is near but due to the COVID impact the Audit and ITR could not be completed till the last date. Earlier many direct tax professionals and …
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Income Tax Return
As we are aware that, the last date of the ITR and Tax Audit is near but due to the COVID impact the Audit and ITR could not be completed till the last date. Earlier many direct tax professionals and …
Income Tax Return Due Date For FY 2019-20- For every financial year, the due date of ITR for the non-audited assessee is 31st July and for the audited assessee, it is 31st October of the following year. For the financial …
Interest on the capital of working partner and Remuneration in the form of salary, bonus, or commission paid to the partners is allowed as a deduction to a partnership firm under section 40b of Income Tax Act, 1961.
For claiming deduction under chapter VIA (e.g. 80C to 80U), a copy of the investment made is required. for example, LIC receipts, medical premium payment receipts (section 80D), the donation made u/s 80G, PPF passbook, etc.
After filing of Income Tax Return it is mandatory to verify your Income Tax Return (ITR), if you do not do so in a given time, then your return can be marked as invalid by the department.
ITR Receipts are proof of your Income Tax filing and payment of your taxes. it is more detailed than form 16, It contains your total income, tax paid, refund amount, etc.
Even though filing of ITR is not mandatory for all the person but if you file your Income Tax Return there are certain benefits which one can avail.
For AY 2020-21, the last date for filing your Income Tax Return is 31st December 2020 for the non-audited assessee, and for the audited assessee, the last date is 31st January 2021. Still, if you did not file your Income …