Question: What Is The Assessment Year For Financial Year 2020 21?

What is the income tax slab for AY 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)Rs.

5.00 lakhs- Rs 7.5 Lakhs10%Rs 7.5 lakhs – Rs 10.00 Lakhs15%Rs 10.00 lakhs – Rs.

12.50 Lakhs20%Rs.

12.5 lakhs- Rs.

15.00 Lakhs25%4 more rows•Dec 17, 2020.

How do you fill it return 2020 21?

Step 1: Go to the official website of Income Tax Department of India – incometaxindiaefiling.gov.in and register yourself. Step 2: Login with your user ID (PAN), password, date of birth, and enter the captcha code as displayed on the page. Step 3: Click on the e-File tab and press on the ‘Income Tax Return’ link.

How do I file revised return for AY 2020 21?

Select ‘Assessment Year’ • Select ‘ITR form Number’ • Select ‘Filing Type’ as ‘Original/Revised Return’ • Select ‘Submission Mode’ as ‘Prepare and Submit Online Page 3 In the Online ITR Form under ‘General Information’ Tab, Choose the ‘Return Filing Section’ as ‘Revised return under section 139(5)’ and ‘Return filing …

What is the surcharge for FY 2020 21?

For the Assessment Year 2020-21 & 2021-22, a local authority is taxable at 30%. Add: (a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees….Individuals(Other than senior and super senior citizen)Above Rs. 10,00,00030%30%27 more rows

Which ITR form should I fill for AY 2020 21?

ITR-1 form for AY 2020-21 is valid for individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh on electricity or foreign travel, respectively.

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020

How can I download ITR 2 for AY 2020 21?

Under the Download tab, click “Offline Utilities”Click on “Income Tax Return Preparation Utilities”Select your Assessment Year.Click on “Excel Utility” for filling the details by hand under ITR 2 column and download the file.Open the downloaded file and fill in the details.

How do you calculate assessable income?

What is Assessable Income (AI)? Your AI includes all forms of income from trade, business, profession or vocation, employment, as well as rental income that is taxable. Your AI can be found on your tax bill (or Notice of Assessment) that you receive each year if you are required to pay taxes.

What is assessment income?

The Income Tax Department examines the return of income for its correctness. The process of examining the return of income by the Income-Tax department is called as “Assessment”. Assessment also includes re-assessment and best judgment assessment under section 144.

What is the difference between assessable income and gross income?

Gross income includes all income you receive that isn’t explicitly exempt from taxation under the Internal Revenue Code (IRC). Taxable income is the portion of your gross income that’s actually subject to taxation. Deductions are subtracted from gross income to arrive at your amount of taxable income.

Can we file ITR for assessment year 2020 21?

The income tax return (ITR) filing deadline for FY 2019-20 (AY 2020-21) is extended to 31st December 2020. For tax audit and TP audit, the due date is 31 January 2021. … For instance, salaried individuals are usually required to file their income tax returns by 31st of July of the assessment year.

What is assessment year?

‘Year of Assessment’ (YA) refers to the year in which income tax is calculated and charged. The assessment is for the income earned in the preceding year, starting on 1 Jan and ending on 31 Dec. Example: For YA 2020, the assessment is for income earned from 1 Jan 2019 to 31 Dec 2019.