Income Tax Department Unveils 'Jhatpat Processing': Know All About It

As the deadline to file ITR for the financial year 2019-20 or Assessment year 2020-21 nears, the Income Tax department has come up with 'Jhatpat Processing' feature.

Income Tax Department Unveils 'Jhatpat Processing': Know All About It

On its Twitter handle, the department said, Jhatpat processing has already been started for ITR-1 & 4. And taxpayers can file their IT Return for AY 2020-21 now, by visiting the government's e-filing portal -- incometaxindiaefiling.gov.in.

Nonetheless, this 'Jhatpat processing' is for ITRs which are verified, the bank accounts have been pre-validated and there is no income discrepancy, arrears or TDS or challan mismatch.

For e-verification of returns, taxpayers can select either of the following modes -- registered mobile number, net banking, demat account number, bank ATM, bank account number, Aadhaar OTP and e-mail ID.

In a usual case, the ITR filing deadline for any year is July 31 unless extended by the government. But this year because of the pandemic, the government has extended the due date to file ITR to December 31, 2020 for Fy 2019-20.

In the current regime, there are several ITR forms available to be filed by different tax assesses including ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

ITR 1 or Sahaj is to be filed by resident individuals with income up to Rs. 50 lakh and having income from salary, one house property, income from other sources such as interest income and and agricultural income up to Rs 5,000.

ITR 4 or Sugam is for resident individuals, HUFs and firms other than LLPs with total income up to Rs. 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act.

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