With only three days until the deadline for filing the income tax return (ITR) for individuals, the tax department I ask contributors don’t wait and submit returns early.
“As of December 28, 2020, more than 4.37 crore of income tax returns have been filed for AY 2020-21. I hope you have filed yours too! If you haven’t filed yet, don’t wait Submit your #ITR for AY 2020-21 TODAY! “The Income Tax (IT) department tweeted.
As of December 28, 2020, more than 4.37 crore income tax returns have been filed for AY 2020-21. I hope there is… https://t.co/lY87q5KXYH
– India Income Tax (@IncomeTaxIndia) 1609220371000
This includes more than 2.44 crore taxpayers filing ITR-1, more than 95.64 lakh filing ITR-4, more than 53.12 lakh ITR-3 and more than 32.30 lakh presenting ITR-2.
The deadline to file TI returns for individual taxpayers for the 2019-20 fiscal year (2020-21 Assessment Year) ends on December 31, 2020, while the same for taxpayers whose accounts require auditing is January 31 of 2021.
The expiration date has been extended to July 31 and October 31, 2020, respectively, in light of the Covid pandemic.
At the close of the deadline to file ITR without payment of late fees for the 2018-19 fiscal year (2019-20 assessment year), taxpayers submitted more than $ 5.65 million. Last year’s deadline was extended to August 31, 2019.
Giving a comparative analysis of the ITRs presented, the Income tax department said ITRs of 4.51 crore were filed through August 28, 2019, compared to 4,36,62,150 returns filed through December 28, 2020.
Returns in ITR-1 Sahaj can be filed by a regular resident person whose total income does not exceed Rs 50 lakh, while Form ITR-4 Sugam It is intended for resident individuals, HUFs and companies (other than LLPs) with a total income of up to Rs 50 lakh and with presumptive business and profession income.
While ITR-3 and 6 are filed by businesses, ITR-2 is filed by people who have income from residential properties; ITR-5 is presented by LLP and the Association of People (AoP). The ITR-7 is filed by a person who receives income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
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