Wednesday, May 25, 2022

Income Tax alert! As ITR filing deadline for individuals ends, here is what taxpayers should know

Revenue Tax, ITR Submitting Information: In line with the most recent assertion by the Revenue Tax Division, ITR filed this yr have risen by about 5 per cent to just about 6 crores as extra companies and entities filed annual earnings statements. “Over 5.95 crore earnings tax returns (ITRs) for the fiscal yr ended March 31, 2020 (2019-20) have been filed by January 10,” the I-T division stated. The ITR submitting deadline for people ended on January 10 whereas for corporations it’s until February 15.

ITR 2020 vs 2019

The tax division in a tweet stated 5.95 crore ITRs for Evaluation Yr 2020-21 have been filed until January 10, 2021, as in comparison with 5.67 crore ITRs filed for the earlier Evaluation Yr by September 10, 2019.

The entire returns for 2019-20 are 33.35 lakh greater than the earlier yr as whole ITRs filed stood at 5.61 crore on the final date which was August 31, 2019.

“We gratefully acknowledge the efforts of our taxpayers & tax professionals,” it stated sharing the information of ITRs filed for AY2020-21 as much as January 10, 2021.

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 has elevated.

Over 2.99 crore ITR-1 have been filed until January 10 this yr, decrease than the three.11 crore filed until September 10, 2019.

ITR-1 type is filed by resident people having earnings lower than Rs 50 lakh in a yr. Over 1.49 crore ITR-4 have been filed until January 10, as in comparison with 1.29 crore filed until September 10, 2019.

Returns in ITR-1 Sahaj are filed by people whose whole earnings doesn’t exceed Rs 50 lakh, whereas type ITR-4 Sugam is supposed for people, Hindu Undivided Households (HUFs) and corporations (aside from Restricted Legal responsibility Partnership) having a complete earnings of as much as Rs 50 lakh and having presumptive earnings from enterprise and occupation.

Over 46.12 lakh ITR-2 (filed by individuals having earnings from residential property, capital positive factors and overseas belongings) have been filed until January 10. ITR-5 (filed by LLP and Affiliation of Individuals) filings stood at 10.50 lakh, whereas ITR-6 (by companies) filings have been at 4.72 lakh.

Final yr, ITR-6 filings until September 10, 2019, have been 49,398. ITR-5 filings have been 5.89 lakh.

ITR-7 (filed by individuals having earnings derived from property held underneath belief) filings stood at 1.46 lakh until January 10, 2021, as in comparison with 65,298 final yr.

As a result of difficulties confronted by taxpayers owing to the pandemic, the federal government pushed the deadline for submitting ITR thrice — first from the traditional deadline of July 31 to November 30, 2020, after which to December 31, 2020.

On December 30 final yr, the federal government prolonged the deadline to file ITR for people by 10 days to January 10 and for companies until February 15. The Revenue Tax Division on Monday rejected demand for additional extension of the deadline for submitting returns the place audit is required past February 15.

“CBDT passes order u/s 119 of Revenue-tax Act, 1961 in F No. 370153/39/2020-TPL dt eleventh January, 2021, disposing off the representations for extension of due date for submitting of Audit Report u/s 44AB, in compliance with the order of hon’ble Gujarat Excessive Court docket dt eighth January, 2021,” the division had stated in a tweet. This was in response to the Gujarat Excessive Court docket order dated January 8 within the case of the All India Gujarat Federation of Tax Consultants versus Union of India directing the finance ministry to look into the problem of extension of due dates for submitting of audit report underneath Part 44AB of the Revenue Tax Act.

As per the provisions of the Act, the due date for submitting of the audit report underneath Part 44AB is one month previous to the due date of submitting of ITR which is January 15, 2021.

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