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As of 4 January, more than 5 crore ITRs have been filed, information provided by Income Tax Department

As of 4 January 2021, more than 5.01 crore ITRs have been filed for the financial year 2019-20 (assessment year 2020-21).

For the financial year 2019-20, more than 5.01 crore income tax returns (ITR) have been filed so far. The Income Tax Department has tweaked this information. According to the twitter of the IT department, for the financial year 2019-20 (assessment year 2020-21), more than 5.01 crore ITRs have been filed by 4 January 2021. The central government has extended the deadline to file ITR from 31 December 2020 to 10 January and for companies this deadline is till 15 February. The deadline for filing ITR for individuals was 31 August 2019 in the financial year 2018-19. By this deadline, more than 5.63 crore ITRs were filed.

ITR Filing declines on income below Rs 50 lakh

In its tweet, the Income Tax Department has presented a comparison of ITRs filed for 2019-20 and ITRs filed for FY 2018-19. According to this analysis, ITR filings by individuals have so far been decreasing while ITR filings by traders and trusts have increased. As of 4 January, more than 2.7 crore ITR-1s have been filed, while by 4 September 2019, about 3.1 crore ITRs were filed. Talking about ITR 4, 1.14 crore ITR-4s were filed till 4 January while 1.28 ITRs were filed till 4 September 2019.

Through ITR-1 Sahaj, such returns file individual taxpayers whose total income is less than Rs 50 lakh. ITR-4 Sugam Individuals, Hindu Undivided Families (HUFs) and firms (excluding Limited Liability Partnership) file a total income of up to Rs 50 lakh and have income from business and profession.

Also read- ITR: Returns can still be filed without penalty, check the last date

So many ITR files

As of January 4, more than 38 lakh ITR-2s have been filed on income from residential property. Over 8.3 lakh ITR-5 files were filed by LLP (Limited Liability Partnership) and Associates of Persons while more than 4.03 lakh ITR-6 were filed by traders. As of 4 January 2021, more than 1.21 lakh ITR-7 files were filed regarding income from property coming under the trust.

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