ITR for FY 2019-20 (AY 2020-21) Due Date is 30th November.

Importance of filing income tax return

An income tax return is a legal document that stands as your proof of income. Even if you are not eligible for filing a return and are not mandated by the Income Tax department, it is advisable to file your IT return.

Filing income tax returns has several advantages.

  • – For a personal or home loan, you will be required to submit your previous IT return documents.
  • – Some banks also ask for IT returns for approving credit card requests.
  • – For those who are eligible for a refund i.e., if they have paid taxes more than what they are liable to pay– filing an income tax return is mandatory.

Belated Return relating to FY 2018-19 (AY 2019-20) can also be filed upto 30th September, 2020.

NOTE: In case of any query, please feel free to contact me on this email enquiry@overallaccounting.com

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