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3.97 Crore ITRs Submitted for 2019-20 Fiscal Until December 24

3.97 Crore ITRs Submitted for 2019-20 Fiscal Until December 24

As numerous as 3.97 crore taxpayers have by now submitted their cash flow tax returns for assessment year (AY) 2020-21 (fiscal calendar year 2019-20) until December 24, the Income Tax Section said on Friday. “More than 3.97 crore Profits Tax Returns have presently been submitted until 24th of December, 2020.Have you filed yours as nevertheless? If not, be sure to do it Currently! File your Return of Money Tax & ….Take it easy!,” the department tweeted.

This incorporates 2.27 crore taxpayers filing ITR-1, 85.20 lakh filing ITR-4, 46.78 lakh ITR-3 and 28.74 lakh submitting ITR-2. The deadline to file I-T returns by unique taxpayers for the 2019-20 fiscal (AY 2020-21)ends on December 31, 2020, when the identical for taxpayers whose accounts involve to be audited is January 31, 2021.

The thanks day has been extended from July 31and Oct 31, 2020, respectively in look at of the COVID pandemic. At the shut of deadline for submitting ITR without the need of payment of late fee for FY 2018-19 (AY 2019-20), above 5.65 crore returns ended up submitted by taxpayers. The deadline past 12 months was prolonged until August 31, 2019.

Supplying a comparative evaluation of the ITRs submitted, the I-T department mentioned 3.92 crore ITRs have been submitted till August 24, 2019, in comparison to 3.97 crore submitted till December 24, 2020. Returns in ITR-1 Sahaj can be submitted by an ordinarily resident particular person whose overall cash flow does not exceed Rs 50 lakh, whilst Kind ITR-4 Sugam is meant for resident persons, HUFs and corporations (other than LLP) having a total profits of up to Rs 50 lakh and acquiring presumptive cash flow from company and job. Though ITR-3 and 6 are filed by firms, ITR-2 is filed by people owning profits from household house ITR-5 is submitted by LLP and Association of Individuals (AoPs) . ITR-7 is submitted by particular person in receipt of profits derived from home held below belief or other authorized obligation wholly for charitable or spiritual applications or in component only for such reasons.

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