File photograph of the Profits Tax Building.
An investigation of the knowledge showed that filing of tax returns by people for 2019-20 has slowed in the existing 12 months, although submitting by organizations and trusts have amplified.
- PTI New Delhi
- Past Current: January 01, 2021, 14:31 IST
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About 4.84 crore profits tax returns (ITRs) for fiscal 12 months 2019-20 have been filed until December 31, 2020, the Money Tax Department explained on Friday. The federal government has extended the ITR submitting deadline for people until January 10, and for businesses until February 15. ”Over 4.84 crore Profits Tax Returns for AY 2020-21 have currently been submitted until 31st of December, 2020,” the Money Tax Division tweeted.
The deadline for folks to file ITRs for 2018-19 was August 31, 2019 and more than 5.61 crore ITRs have been submitted. An evaluation of the information confirmed that filing of tax returns by folks for 2019-20 has slowed in the current year, although filing by organizations and trusts have elevated.
About 2.65 crore ITR-1 have been filed until December 31, 2020, decreased than the 3.09 crore submitted till August 31, 2019. Above 1.08 crore ITR-4 have been filed till December 31 as as opposed to 1.28 crore submitted until August 31, 2019.
Returns in ITR-1 Sahaj are submitted by men and women whose complete income does not exceed Rs 50 lakh, although variety ITR-4 Sugam is intended for people today, Hindu Undivided Families (HUFs) and corporations (other than Confined Legal responsibility Partnership ) acquiring a whole revenue of up to Rs 50 lakh and getting presumptive profits from business and job. More than 36.58 lakh ITR-2 (submitted by men and women obtaining money from household assets) have been filed till December 31. ITR-5 (submitted by LLP and Affiliation of Persons) filings stood at 7.84 lakh, while ITR-6 (by companies) filings ended up at 3.82 lakh.
ITR-7 (filed by persons obtaining revenue derived from house held beneath believe in) filings stood at 1.15 lakh till December 31, 2020.