Around 4.37 cr ITRs for FY20 filed till December 28

By: |
Updated: December 29, 2020 5:25 PM

The due date has been extended from July 31?and October 31, 2020, respectively in view of the COVID-19 pandemic.

income tax, income tax returnsGiving a comparative analysis of the ITRs filed, the Income Tax department said 4.51 crore ITRs were filed till August 28, 2019, compared to 4,36,62,150 returns filed till December 28, 2020.

Around 4.37 crore income tax returns for fiscal 2019-20 (Assessment Year 2020-21) have been filed till December 28, the I-T department said on Tuesday.

In the comparative period last year, 4.51 crore ITRs were filed.

With just three days left for the deadline for income tax return (ITR) filing for individuals to end, the tax department asked taxpayers not to wait and file returns early.

“Over 4.37 crore Income Tax Returns for AY 2020-21 have already been filed till 28th of December, 2020,? the Income Tax department tweeted.

This includes over 2.44 crore taxpayers filing ITR-1, over 95.64 lakh filing ITR-4, over 53.12 lakh filing ITR-3 and over 32.30 lakh filing ITR-2.

The deadline to file I-T returns by individual taxpayers for 2019-20 fiscal (Assessment Year 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.

Giving a comparative analysis of the ITRs filed, the Income Tax department said 4.51 crore ITRs were filed till August 28, 2019, compared to 4,36,62,150 returns filed till December 28, 2020.

Till December 28, 2020, the number of tax returns for fiscal 2019-20 filed by companies have gone up, while those filed by individuals have dropped, possibly indicating a drop in income.

The due date has been extended from July 31?and October 31, 2020, respectively in view of the COVID-19 pandemic.

At the close of deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers. The deadline last year was extended till August 31, 2019.

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 (AoPs). ITR-7 is filed by a 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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Your Queries – Income Tax: Gains from share trading taxed under business profit, file ITR 3/4
2Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31
3YOUR QUERIES: INCOME TAX- For NRIs, only income sourced from India will be liable to tax