Income Tax Return: Keep these rules in mind while filing income tax this year, 30 September is the last date for filing returns

Income Tax Return: ITD has launched its new e-filing portal on 7th June to make the return filing process faster and easier. If you have withdrawn funds from EPF, then it is also necessary to give information about it.

The Income Tax Department has launched its new e-filing portal (www.incometax.gov.in) on June 7 under its Project CPC 2.0. This portal has been started to make the process of filing returns faster and easier for the income tax payers. The Income Tax Department may soon launch a mobile app which will have all the features of this portal.

Let us inform that the Income Tax Department has already announced to extend the last date for filing income tax returns till 30 September. You can easily file your return by visiting this new portal. Let us know what are the things you have to keep in mind while filing income tax return this year. 

Here's the change 

Income Tax Department has introduced a new facility named JSON to file ITR form in a new financial year 2021. Also, at present only tax return forms ITR 1, 2 and 4 have been issued. These forms can be easily prefilled by taking data from the e-filing portal. This includes your personal information, salary income, capital gains and all the information contained in Form 26AS. 

A new concessional tax facility has also been included from the financial year 2021. Under this, the taxpayer will get the option to choose between the old tax regime and the new tax regime before filing the return. If you are filing ITR, then keep in mind that the money withdrawn from EPF has to be shown while filing the return.

While filing ITR, also give details of money withdrawn from EPF 

Due to the Corona epidemic, many exemptions were given by the government this year regarding EPF fund withdrawal. These also include exemptions like withdrawal of 3 months advance. Although this money withdrawn from EPF comes under the purview of tax exemption, yet you will have to show its details while filing ITR. 

Financial aids received by the government under Kovid-19 have been kept out of tax. While filling the ITR, keep in mind that it should be shown in the Exempt List. Failure to do so may result in a tax notice.