As of December 24, 3.97 crore taxpayers have filed their Income Tax Return (ITR) for assessment year 2020-21 (FY 2019-20). The Income Tax Department gave this information by tweeting on Friday. The department has tweeted that as of December 24, over 3.97 crore people have filed their ITRs. Have you filed yours? If not, please do it today. File your ITR and relax. Last year, 3.92 crore taxpayers had filed ITR till August 24, 2019, a week before deadline 31 August 2019.
Out of 3.97 crore people, 2.27 crore taxpayers have filed ITR-1 form. 85.20 lakh taxpayers have filed ITR-4 form and 28.74 lakh people have filed ITR-2 form. The deadline to file ITR for the financial year 2019-20 for individual taxpayers is 31 December 2020. However, for those whose accounts are yet to be audited, this deadline is 31 January 2021. Due to the Corona epidemic, Due Date was extended this time.
3.92 crore ITR 7 days before deadline last year
Talking about last year, 5.65 crore taxpayers had filed ITR for the financial year 2018-19 (assessment year 2019-20) without any late fees. Last year too, the deadline was increased to 31 August 2019. According to the data presented by the IT department for comparative analysis, as of 24 August 2019, 3.92 crore taxpayers had filed ITR, while by 24 December 2020, 3.97 crore taxpayers have filed ITR.
Selection of ITR form on the basis of income
ITR-1 spontaneous returns can be filed through any resident individual whose total income is less than 50 lakhs. ITR-4 Sugam is required to file Resident Individuals, Hindu Undivided Family (HUF) and companies whose total income is more than 50 lakh and their income from business or profession. In case of income from ITR-3 and 6 business and ITR-2 residential property is filed. ITR-5 is filed through LLP and Association of Persons (AoPs). In case of income arising from property falling under other legal obligations like ITR-7 Trust or Charitables.
Source: www.financialexpress.com
