Over 42.3 million ITRs for fiscal 2019-20 filed till December 27

Representational image.

Over 4.23 crore taxpayers have filed their Income Tax Returns for Assessment Year 2020-21 (fiscal year 2019-20) till December 27, the Income Tax department said on Monday.

"More than 4.23 crore Income Tax Returns for AY 2020-21 have already been filed till 27th of December, 2020. Have you filed yours? If not filed as yet, don't wait. File your #ITR for AY 2020-21 TODAY!," the Income Tax department tweeted.

This includes over 2.38 crore taxpayers filing ITR-1, over 92.26 lakh filing ITR-4, over 51.05 lakh ITR-3 and over 31.09 lakh filing ITR-2.

The deadline to file Income Tax Returns (ITRs) 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 was extended from July 31and October 31, 2020, respectively in view of the COVID-19 pandemic.

At the close of the 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 was extended till August 31, 2019.

Giving a comparative analysis of the ITRs filed, the Income Tax department said 4.30 crore ITRs were filed till August 27, 2019, compared to over 4.23 crore filed till December 27, 2020.

Returns in 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.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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