An income tax return is fundamentally an archive that is filed according to the provisions of the Income Tax Act, revealing one's income, profits and losses and other deductions just as insights concerning tax refund or tax liability. Due date for all annual assessment form for FY 2019-20 is stretched out from July 31 2020 and 31 October 31, 2020 to November 30, 2020 to give help to citizens considering the current COVID 19 pandemic. The Central Board of Direct Taxes (CBDT) has told and delivered different ITR structures for various purposes.
Each income tax return filed must be obligatorily marked by the fitting individual (approved by tax law) affirming that the data given in the return are right and as per the income tax law and furthermore affirming that he/she is the equipped individual to make and confirm the return. As indicated by Section 140, an ITR will be confirmed:
In the case of an individual:
In the case of a Hindu Undivided Family:
By the karta, and where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family
In the case of an Indian Company:
By the managing director thereof, or where for any unavoidable reason such managing director is not able to verify the return, or where there is no managing director, by any director thereof.
In the case of a Foreign Company:
By a person holding valid power of attorney from such company to verify and sign the return
In the case of a Firm:
By the Managing partner or any partner not being a minor (if the managing partner is unable to verify and sign the return for any unavoidable reason or if there is no managing partner)
In the case of a Limited Liability Partnership (LLP)
By the designated partner or any partner if such designated partner is unable to sign and verify the return for any unavoidable reason or if there is no designated partner
In the case of a Local Authority
By the Principal Officer
In the case of a Political Party
By the Chief executive officer of such party irrespective of the nomenclature of his designation
In the case of any Association
By any member of the association or the principal officer
In case of a Company which is being wound up or where any person has been appointed as receiver of assets of the company
By the Liquidator of the company or the person who has been appointed the receiver of assets of the company
In case of a Company whose application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under Insolvency and Bankruptcy Code, 2016
By the Insolvency professional appointed by such Adjudicating Authority
In respect of ITR which is filed electronically without a digital signature, the taxpayer is required to verify it by using any one of the following modes within 120 days of uploading the ITR:
It is important to remember that uploading of return of income alone does not complete the return filing process. It is mandatory for you to verify your return to complete the process of return filing.
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