Income Tax Department: The number of people who filed income tax returns has come down this year.
The Income Tax Department has informed that for the financial year 2019-20 (assessment year 2020-21), more than 4.54 crore income tax returns have been filed till 29 December.
The Income Tax Department has extended the last date for filing income tax returns. Now returns can be filed by 10 January. Earlier, the Income Tax Department extended the last date from 31 July to 30 November, then it was extended till 31 December. The government has also increased the date of filing Goods and Services Tax (GST) annual return to 28 February.
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The last date has been extended for different periods for different categories. Those who do not have to get their accounts audited to file their income tax returns and who fill their returns through the ITR-1 or ITR-4 form, have now got relief till January 10. For taxpayers whose accounts need to be audited, the last date for filing income tax returns has been extended till February 15. The last date for voluntary declaration of income under the ‘Dispute to Confidence’ scheme has also been extended to 31 January.
The number of people who filed income tax returns has come down this year. The Income Tax Department has informed that for the financial year 2019-20 (assessment year 2020-21), more than 4.54 crore income tax returns have been filed till 29 December. In the previous financial year, 4.77 crore income tax returns were filed till the comparative period. 5.65 crore income tax returns were filed till the last date for the financial year 2018-19 (assessment year 2019-20) without any late fee. Last year the date of filing of income tax returns was extended till 31 August 2019.
The Income Tax Department tweeted that, “More than 4.54 crore income tax returns have been filed for the assessment year 2020-21 till 29 December”. Of the income tax returns filed, 2.52 crore taxpayers have filed ITR-1. As of 29 August 2019 last year, this figure was 2.77 crore. One crore ITR-4s were filed till 29 December. At the same time, 99.50 lakh ITR-4 were filed till 29 August 2019.
The ITR-1 Sahaj form can be filled by any general resident, whose annual income does not exceed Rs 50 lakh, giving information about his personal income. The ITR-4 Sugam form can be filled by a resident individual, Hindu undivided family and firm (excluding LLP), whose business and estimated income from a profession is up to Rs 50 lakh. ITR-3 and 6 is for businessmen.
ITR-2 is filled by people receiving income from residential property. The ITR-5 form is for LLP and Association of Persons. ITR-7 is for those who receive income from property held under trust or other legal obligations.
Annual GST Return: Taxpayers will now be able to file the annual GST return for the financial year 2019-20 by 28 February 2021. The Income Tax Department gave this information via Twitter. Along with the income tax return and the last date for submission of GSTR was 31 December 2020.
For taxpayers whose accounts need to be audited, the last date is till 15 February – the
last date till 31 January under the ‘Vivad Se Vishwas’ scheme.
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