Posted by Over 4.54 crore taxpayers have already filed their income tax returns (ITR) for A.Y 2020-21 (FY 2019-20) till December 29, the Income Tax Department said. As the deadline to file ITR by individuals nears, the tax department also urged people to file their ITR for assessment year (A.Y) 2020-21 early to avoid last minute rush
“More than 4.54 crore Income Tax Returns for AY 2020-21 have already been filed till 29th of December, 2020. Hope you have filed yours too!,” the department tweeted.
This includes over 2.52 crore taxpayers filing ITR-1, over 1.00 CRORE filing ITR-4, over 55.99 lakh ITR-3 and over 32.93 lakh filing ITR-2.
The deadline to file ITR by individual taxpayers for FY2019-20 ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021
The due date has been extended from July 31 and October 31, 2020, respectively in view of the coronavirus pandemic.
At the close of deadline for filing income tax returns without payment of late fees for FY2018-19 (AY 2019-20), over 5.65 crore returns were filed by taxpayers. The deadline last year was extended till August 31,2019
Giving a comparative analysis of the ITRs filed, the I-T department said 4.14 crore ITRs were filed till August 26, 2019, compared to over 4.15 crore filed till December 26, 2020
Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh, while Form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
While ITR-3 and 6 are filed by businesses, ITR-2 is filed by people having income from residential property; ITR-5 is filed by LLP and Association of Persons. ITR-7 is filed by person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
Have more questions ? ! ? Need help in getting your ITR filed ? Feel free to contact us at:
www.classicassociate.com | support@classicassociate.com | 93444 17156
How to File ITR ( Income Tax Returns ) on Income Tax Portal online FY 2019-20 in Tuticorin | ITR consultant in Tuticorin