Income Tax alert! Important ITR filing message for you

Income Tax alert! Important ITR filing message for you


Income Tax Return (ITR) filing: As many as 3.75 crore taxpayers have already filed their Income Tax returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 21, the Income Tax department said on Tuesday. “Do you know that 3.75 crore taxpayers have already filed their Income Tax Returns for AY 2020-21 till 21st December, 2020? Have you filed yours yet? If not, File NOW!,” the Income Tax department tweeted.

This includes 2.17 crore taxpayers filing ITR-1, 79.82 lakh filing ITR-4, 43.18 lakh ITR-3 and 26.56 lakh filing ITR-2.

CHECK TWEET BY INCOME TAX INDIA

ITR filing deadline

-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.

-The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID 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 too was extended till August 31.

ITR filing data: 2019 vs 2020

Giving a comparative analysis of the ITRs filed, the Income Tax department said 3.63 crore ITRs were filed till August 21, 2019, compared to 3.75 crore filed till December 21, 2020.

Income Tax Returns: Type of forms

– 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.





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