Over 4.54 Crore ITRs Filed For Fiscal 2019-20 Till Dec. 29
With just two days left for the deadline for individuals to file income tax returns to end, the IT department on Wednesday said more than 4.54 crore tax returns for 2019-20 fiscal have been filed till Dec. 29.
In the comparable period last year, 4.77 crore income tax returns were filed. At the close of deadline for filing ITRs without payment of late fees for fiscal 2018-19 (assessment year (AY) 2019-20), over 5.65 crore returns were filed by taxpayers.
In a tweet on Wednesday, the Income Tax department 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 till 29th of December, 2020," the I-T department said.
The data released by the tax department showed that over 2.52 crore ITR-1 have been filed till Dec. 29, 2020, lower than the 2.77 crore filed till Aug. 29, 2019.
Over 1 crore ITR-4 have been filed till Dec. 29 as compared to 99.50 lakh filed till Aug. 29, 2019.
An analysis of the data showed that individuals filing tax return for fiscal 2019-20 have slowed so far in the current year, while filings by businesses and trusts have increased.
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, Hindu Undivided Families and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
Over 33.93 lakh ITR-2 (filed by people having income from residential property) were filed till Dec. 29.
During last year, the due date for filing ITR by individuals who do not need to get their accounts audited was Aug. 31. However, the date has been extended till Dec. 31 this year on account of the Covid-19 pandemic.
ITR-5 (filed by LLP and Association of Persons) filings till Dec.r 29, 2020 jumped to 7.09 lakh from 4.14 lakh filed till Aug. 29, 2019. ITR-6 (filed by businesses) filings skyrocketed to over 3.46 lakh till Dec. 29, 2020 as compared to 21,962 filed till Aug. 29, 2019.
ITR-7 (filed by persons having income derived from property held under trust) filings also jumped to over 1.04 lakh till Dec. 29, 2020 as compared to 41,963 till Aug. 29 last year.