Filing income tax returns is no longer the hassle it used to be. The Income Tax department has declared that it has extended the last date for filing tax returns (ITR) for the financial year 2019-20 till November 30, 2020.
As the date for filing returns is getting closer, you should know whether you are eligible to file the returns or not.
According to a report by ET, certain individuals can file an ITR. The ones falling in this category are:
• The individual’s taxable income exceeds the maximum amount not chargeable to tax, reports Economic Times. For the FY 2019-20, the basic exemption limit is Rs 3 lakh for senior citizens (aged 60 years or more but less than 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others.
Even filing an ITR for FY2019-20 is mandatory if the individual needs to claim an income tax refund.
The Economic Times report further states that individuals who have undertaken specific transactions, for eg., payment of electricity bill in excess of Rs 1 lakh during FY 2019-20, or deposited more than Rs 1 crore in one or more current accounts, will have to file an ITR.
