Saturday, July 31, 2021

ITR filing FY 2019-20: Very important message from Income Tax department; all you must know | Personal Finance News

New Delhi: You have to have all heard of the proverb –the early hen will get the worm. The Revenue Tax division has made the proverb come true for these tax payers who’ve stuffed their Revenue Tax Refund (ITR) well timed. 

The I-T division is felicitating well timed tax payers by issuing them refunds (these eligible) for his or her ITR. The Revenue Tax division has tweeted that CBDT has issued refunds of over Rs. 1,64,016 crore to greater than 1.41 crore taxpayers between April 1, 2020 to January 4, 2021. Revenue tax refunds of Rs 53,070 crore have been issued in 1,38,85,044 circumstances and company tax refunds of Rs 1,10,946 crore have been issued in 2,06,847 circumstances, it wrote.

It might be recalled that the Central Board of Direct Taxes (CBDT) had on December 20 prolonged the deadline for submitting ITRs for Evaluation Yr 2020-21 (FY 2019-20) for sure circumstances until February 15, 2021, on account of difficulties confronted by individuals within the wake of coronavirus COVID-19 pandemic.

Deadline for submitting revenue tax returns by people has been prolonged by 10 days to January 10, 2021 whereas that for firms has been prolonged  until February 15, 2021. 

In the meantime, as of the newest updates/statistics of Revenue Tax Returns filed as on January 6, the I-T division has tweeted that 6,68,097 ITRs have been filed upto 2000 hours and 66,322 ITRs filed within the hour earlier to that.

This 12 months, taxpayers are required to submit the returns for the FY 2019-20 monetary 12 months and the evaluation 12 months could be AY 2020-21.

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