Sunday, April 11, 2021

Over 5.01 cr income tax returns filed till Jan 4, still less than FY19

Over 5.01 crore Revenue Tax Returns (ITR) have already been filed until January 4 for the fiscal yr 2020-21 , the Revenue Tax Division has mentioned. The quantity remains to be lower than the variety of ITRs (5.63 crore) filed for FY19, the final date for which was August 31, 2019.

“Over 5.01 crore Revenue Tax Returns for AY 2020-21 have already been filed until 04th of January, 2021,” the Revenue Tax Division mentioned in a tweet on January 5.

Sharing the newest knowledge on ITRs, the Revenue Tax Division tweeted on Tuesday: “6,03,531 ITRs have been filed as much as 20.00 hrs as we speak (Tuesday) and 57,096 ITRs filed within the final 1 hr.”

As per the I-T division, over 2.70 crore ITR-1 (for people) have been filed until January 4, which is decrease than 3.09 crore filed until September 4, 2019. Equally, over 1.04 crore ITR-4 returns have been filed until January 4 as in comparison with 1.28 crore filed by September 4, 2019.

The Central Board of Direct Taxed (CBDT) has prolonged the final date for submitting revenue tax return (ITR) for FY 2019-20 to January 10, 2021 in view of the pandemic, from the sooner deadline of December 31, 2020.

Normally the taxpayers are purported to file ITR by July 31 however an exception was made this yr as a result of pandemic. That is the third time the tax return submitting deadline for FY20 has been prolonged.

Revenue tax returns are the tax types used to declare the small print of your revenue to the Revenue Tax Division to evaluate the quantity it’s good to pay as revenue tax in a monetary yr. The tax return can also be crucial to say a refund of any extra quantity which may have been deducted at supply (TDS) and deposited with the income-tax division.

Additionally learn: Revenue Tax Returns submitting deadline prolonged to 10 January

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