Over 5 crore revenue tax returns (ITRs) for fiscal yr 2019-20 have been filed until January Four, the Revenue Tax Division stated on Tuesday. The federal government has prolonged the ITR submitting deadline for people until January 10, and for firms until February 15.
“Over 5.01 crore Revenue Tax Returns for AY 2020-21 have already been filed until 04th of January, 2021,” the Revenue Tax Division stated in a tweet.
The deadline for people to file ITRs for 2018-19 was August 31, 2019 and over 5.63 crore ITRs had been filed.
An evaluation of the information confirmed that submitting of tax returns by people for 2019-20 has slowed within the present yr, whereas submitting by companies and trusts have elevated.
Over 2.7 crore ITR-1 have been filed until January Four, decrease than three.09 crore filed until September Four, 2019.
With regard to ITR-Four, it stated, 1.04 crore returns have been filed until January Four as in comparison with 1.28 crore filed until September Four, 2019.
Returns in ITR-1 Sahaj are filed by people whose complete revenue doesn’t exceed Rs 50 lakh, whereas type ITR-Four Sugam is supposed for people, Hindu Undivided Households (HUFs) and corporations (aside from Restricted Legal responsibility Partnership ) having a complete revenue of as much as Rs 50 lakh and having presumptive revenue from enterprise and career.
Over 38 lakh ITR-2 (filed by individuals having revenue from residential property) had been filed until January Four, 2021. ITR-5 (filed by LLP and Affiliation of Individuals) filings stood at eight.30 lakh, whereas ITR-6 (by companies) filings had been at Four.03 lakh.
ITR-7 (filed by individuals having revenue derived from property held beneath belief) filings stood at 1.21 lakh until January Four, 2021.