Rush to fill IT returns

Aurangabad, March 24:

The last date for filing income tax returns is just 5 days away. Hence the taxpayers chartered accountants and tax advisors in a hurry.

Previously, income tax (IT) returns could be filed up to two years after the end of the financial year. However, the deadline for filing delayed returns has been reduced to one year from previous years. Therefore, the deadline for filing such refund is March 31. The IT return certificate has to be submitted to the bank while taking various loans. In particular, two options have been made available for the current financial year 2020-21. The taxpayers can choose between the existing income tax regime (availing benefits of tax exemptions and deductions) and a new tax regime (lower income tax rates with no tax exemptions and deductions) every year as per their convenience. IT returns for the financial year 2019-2020 can be filed till March 31, 2021. Returns cannot be filed after this date, said Pankaj Soni, president, CA association.