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All individuals having taxable income or the individuals who fulfill other recommended conditions are required to record yearly income tax return (ITR) within the predetermined due date. For the financial year (FY) 2019-20, the predetermined due date for individuals (as notified  by the government) is November 30, 2020 for filing tax returns.  Filing the ITR is mandatory in the following cases.  The individual's taxable income surpasses the most extreme sum not chargeable to tax. The essential exclusion limit for FY 2019-20 is Rs 3 lakh for senior residents (matured 60 years or more yet under 80 years), Rs 5 lakh for very senior residents (matured 80 years or more), and Rs 2.5 lakh for other people;  The individual needs to claim a tax refund The individual qualifies as an ordinarily resident during FY 2019-20 and holds foreign resources which should be explicit.  The individual qualifies as an ordinarily resident during FY 2019-20 and holds foreign resources which should be expli

As a relief to taxpayers who have opted for the new tax regime, CBDT has informed that a salaried employee who chooses the new income tax regime instead of the old can claim certain exempt allowances. The Finance Act, 2020 had presented another Concessional Tax Rate (CTR) system for individuals and Hindu Undivided Families (HUFs) wherein they were permitted to offer their all out income at lower section rates endorsed under the CTR system gave they swear off certain predefined derivations, exclusions, presented misfortunes and unabsorbed devaluation.  It might be noticed that the New CTR system is discretionary for taxpayers and the alternative can be practiced in each tax year where the taxpayer doesn't have business or expert income. Such taxpayers need to practice the alternative alongside the arrival of income to be documented prior to the due date given under the arrangements of the Income-Tax Act, 1961.  In different cases, the alternative, once practiced by a taxpayer, is un

Form 16 is one of the most fundamental records required for filing income tax returns . It is basically an authentication business issue to their workers. It approves the way that TDS has been deducted and saved with the experts in the interest of the worker. Form 16 is given by a business and it contains the information you have to get ready and document your tax return.  Form 16 is an essential certificate issued by an employer and it comprises the information you need to prepare and file your income tax return for the respective assessment year. Note that Employers must issue it consistently at the very latest 15 June of the following year, following the budgetary year in which the tax is deducted. In any case, this year since the ITR filing date has been stretched out to November 30, the date for giving Form 16 has been relaxed too.  The Form 16 can only be downloaded or issued by the employer. An individual can not download or get Form 16 from any sources. It's a common miscon