With simply two days left for the deadline for people to file earnings tax returns (ITRs) to finish, the IT division on Wednesday mentioned greater than 4.54 crore tax returns for 2019-20 fiscal have been filed until December 29. In the comparable interval final yr, 4.77 crore earnings tax returns had been filed. At the shut of deadline for submitting ITRs with out fee of late charges for fiscal 2018-19 (evaluation yr (AY) 2019-20), over 5.65 crore returns had been filed by taxpayers.
In a tweet on Wednesday, the Income Tax division nudged taxpayers to file their ITRs by the due date.
“More than 4.54 crore Income Tax Returns for AY 2020-21 have already been filed until twenty ninth of December, 2020,” the I-T division mentioned.
The knowledge launched by the tax division confirmed that over 2.52 crore ITR-1 have been filed until December 29, 2020, decrease than the two.77 crore filed until August 29, 2019.
Over 1 crore ITR-4 have been filed until December 29 as in comparison with 99.50 lakh filed until August 29, 2019.
An evaluation of the info confirmed that people submitting tax return for fiscal 2019-20 have slowed up to now within the present yr, whereas filings by companies and trusts have elevated.
Returns in ITR-1 Sahaj may be filed by an ordinarily resident particular person whose complete earnings doesn’t exceed Rs 50 lakh, whereas kind ITR-4 Sugam is supposed for resident people, Hindu Undivided Families (HUFs) and companies (apart from LLP) having a complete earnings of as much as Rs 50 lakh and having presumptive earnings from enterprise and occupation.
Over 33.93 lakh ITR-2 (filed by individuals having earnings from residential property) had been filed until December 29.
During final yr, the due date for submitting ITR by people who don’t have to get their accounts audited was August 31. However, the date has been prolonged until December 31 this yr on account of the COVID-19 pandemic.
ITR-5 (filed by LLP and Association of Persons) filings until December 29, 2020 jumped to 7.09 lakh from 4.14 lakh filed until August 29, 2019. ITR-6 (filed by companies) filings skyrocketed to over 3.46 lakh until December 29, 2020 as in comparison with 21,962 filed until August 29, 2019.
ITR-7 (filed by individuals having earnings derived from property held below belief) filings additionally jumped to over 1.04 lakh until December 29, 2020 as in comparison with 41,963 until August 29 final yr.