Filing of tax returns by people has slowed down to this point within the present 12 months, whereas submitting by companies and trusts have elevated.
Over 4.73 crore Income Tax Returns (ITRs) for fiscal 12 months 2019-20 have been filed till December 30, amid the federal government extending the deadline for submitting ITR till January 10 for people.
Earlier, the deadline to file ITRs was December 31, 2020 for people and January 31, 2021 for firms. This was prolonged on Wednesday till January 10 and February 15, respectively.
“More than 4.73 crore Income Tax Returns for AY 2020-21 have already been filed till 30th of December, 2020,” the I-T division stated in a tweet.
Last 12 months, the deadline for people to file ITRs was August 31 and over 5.65 crore ITRs had been filed. The quantity was over 5.12 crore till August 30.
An evaluation of the information confirmed that submitting of tax returns by people for fiscal 2019-20 has slowed down to this point within the present 12 months, whereas submitting by companies and trusts have elevated.
Over 2.61 crore ITR-1 have been filed till December 30, 2020, decrease than the two.91 crore filed till August 30, 2019.
Over 1.05 crore ITR-4 have been filed till December 30 as in comparison with 1.10 crore filed till August 29, 2019.
Returns in ITR-1 Sahaj could be filed by people whose complete earnings doesn’t exceed ₹50 lakh, whereas kind ITR-4 Sugam is supposed for people, Hindu Undivided Families (HUFs) and corporations (aside from LLP) having a complete earnings of as much as ₹50 lakh and having presumptive earnings from enterprise and occupation.
Over 35.64 lakh ITR-2 (filed by individuals having earnings from residential property) had been filed till December 30. ITR-5 (filed by LLP and Association of Persons) filings till December 30, 2020 stood at 7.52 lakh, whereas ITR-6 (by companies) filings had been at 3.67 lakh.
ITR-7 (filed by individuals having earnings derived from property held below belief) filers stood at 1.10 lakh till December 30, 2020.