Sunday, August 1

3.97 crore ITRs submitted for 2019-20 fiscal until December 24

3.97 crore ITRs submitted for 2019-20 fiscal until December 24

NEW DELHI: As quite a few as 3.97 crore taxpayers have already submitted their income tax returns (ITRs) for assessment yr (AY) 2020-21 (fiscal year 2019-20) till December 24, the Money Tax office explained on Friday.
“About 3.97 crore cash flow tax returns have already been filed until December 24, 2020. Have you filed yours as however? If not, make sure you do it Currently! File your return of cash flow tax & …loosen up!,” the department tweeted.

This involves 2.27 crore taxpayers submitting ITR-1, 85.20 lakh submitting ITR-4, 46.78 lakh ITR-3 and 28.74 lakh filing ITR-2.
The deadline to file I-T returns by individual taxpayers for the 2019-20 fiscal (AY 2020-21) finishes on December 31, 2020, while the similar for taxpayers whose accounts need to be audited is January 31, 2021.
The because of day has been prolonged from July 31 and Oct 31, 2020, respectively in perspective of the Covid pandemic.
At the shut of deadline for filing ITR without payment of late cost for FY 2018-19 (AY 2019-20), around 5.65 crore returns were being filed by taxpayers. The deadline final 12 months was prolonged till August 31, 2019.
Offering a comparative examination of the ITRs submitted, the I-T division stated 3.92 crore ITRs have been submitted till August 24, 2019, in contrast to 3.97 crore filed till December 24, 2020.
Returns in ITR-1 Sahaj can be submitted by an ordinarily resident specific whose whole earnings does not exceed Rs 50 lakh, when Kind ITR-4 Sugam is meant for resident persons, HUFs and firms (other than LLP) having a complete income of up to Rs 50 lakh and acquiring presumptive earnings from business and profession.
Though ITR-3 and 6 are filed by enterprises, ITR-2 is submitted by persons owning revenue from residential property ITR-5 is filed by LLP and Affiliation of Individuals (AoPs). ITR-7 is filed by particular person in receipt of profits derived from residence held underneath trust or other legal obligation wholly for charitable or religious reasons or in part only for this sort of purposes.

Source (important)

Leave a Reply

Your email address will not be published. Required fields are marked *