Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed until Dec 26

Image Source : PTI Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed until Dec 26 Over 4.15 crore taxpayers have already filed their earnings tax returns (ITR) for evaluation 12 months 2020-21 (FY2019-20) until December 26, the Income Tax Department mentioned on Sunday. As the deadline to file ITR by people nears, the tax division additionally urged individuals to file their ITR for evaluation 12 months (AY) 2020-21 early to keep away from final minute rush. “More than 4.15 crore Income Tax Returns for AY 2020-21 have already been filed till 26th of December, 2020. Hope you have filed yours too!,” the division tweeted. This consists of over 2.34 crore taxpayers submitting ITR-1, over 89.89 lakh submitting ITR-4, over 49.72 lakh ITR-3 and over 30.36 lakh submitting ITR-2. The deadline to file ITR by particular person taxpayers for FY2019-20 ends on December 31, 2020, whereas the identical for taxpayers whose accounts require to be audited is January 31, 2021. The due date has been prolonged from July 31 and October 31, 2020, respectively in view of the COVID-19 pandemic. At the shut of deadline for submitting ITR with out cost of late charges for FY2018-19 (AY 2019-20), over 5.65 crore returns have been filed by taxpayers. The deadline final 12 months was prolonged until August 31, 2019. Giving a comparative evaluation of the ITRs filed, the I-T division mentioned 4.14 crore ITRs have been filed until August 26, 2019, in comparison with over 4.15 crore filed until December 26, 2020.     Returns in ITR-1 Sahaj may be filed by an ordinarily resident particular person whose complete earnings doesn’t exceed Rs 50 lakh, whereas Form ITR-4 Sugam is supposed for resident people, HUFs and corporations (aside from LLP) having a complete earnings of as much as Rs 50 lakh and having presumptive earnings from enterprise and occupation. While ITR-3 and 6 are filed by companies, ITR-2 is filed by individuals having earnings from residential property; ITR-5 is filed by LLP and Association of Persons (AoPs). ITR-7 is filed by individual in receipt of earnings derived from property held underneath belief or different authorized obligation wholly for charitable or non secular functions or partially just for such functions. Latest Business News