Over 4.15 crore taxpayers have already filed their income tax returns (ITR) until December 26 for the 2020-21 assessment year (FY2019-20), the Income Tax Department said on Sunday.
As the deadline for individuals to file ITR approaches, the tax department also advised individuals to file their ITR early for the assessment year (AY) 2020-21 to prevent a last-minute rush. Till December 26th, 2020, more than 4.15 crore Income Tax Returns for AY 2020-21 have already been submitted.
This includes over 2.34 crore taxpayers filing ITR-1, ITR-4 filing over 89.89 lakh, ITR-3 filing over 49.72 lakh and ITR-2 filing over 30.36 lakh.
The time limit for individual taxpayers to file an ITR for FY2019-20 ends on 31 December 2020, while the time limit for taxpayers whose accounts are expected to be audited is 31 January 2021.
In view of the COVID-19 pandemic, the due date has been extended from July 31 and October 31, 2020, respectively. More than 5,65 crore returns were filed by taxpayers at the close of the deadline for submitting ITR without payment of late fees for FY2018-19 (AY 2019-20). Last year’s deadline was extended until August 31, 2019.
The I-T department said 4.14 crore ITRs were filed until August 26, 2019, compared to over 4.15 crore filed until December 26, 2020, giving a comparative overview of the ITRs filed.
Returns can be filed in ITR-1 Sahaj by an ordinary resident person whose total income does not exceed Rs 50 lakh, while Type ITR-4 Sugam is intended for resident persons, HUFs and companies (other than LLP) with a total income of up to Rs 50 lakh and presumptive business and professional income. While ITR-3 and 6 are filed by corporations, ITR-2 is filed by individuals with residential property income; ITR-5 is filed by LLP and the Association of Persons (AoPs).