New Delhi As of December 28, 4.37 crore income tax returns have been filed for the financial year 2019-20 (assessment year 2020-21). The Income Tax Department has given this information on Tuesday. The last date for filing Income Tax Return (ITR) for the financial year 2019-20 is December 31, 2020. The Income Tax Department has tweeted in this context saying, ‘As of December 28, more than 4.37 crore ITRs have been filed for assessment year 2020-21 (FY 2019-20). Did you enter If not, don’t wait, file your income tax return today.
According to the Income Tax Department, out of the total ITR, 2.44 crore taxpayers have filed ITR-1. More than 95.64 lakh taxpayers have filed ITR-4. More than 53.12 lakh taxpayers have filed ITR-3 and over 32.30 lakh taxpayers have filed ITR-2.
Over 4.37 crore Income Tax Returns for AY 2020-21 have already been filed till 28th of December, 2020.
Hope you have filed yours too!
If not filed as yet, don’t wait. File your #ITR for AY 2020-21 TODAY!
Visit https://t.co/EGL31K6szN for details.#ITR#AajHiFileKaro pic.twitter.com/r7b2pNpQc4— Income Tax India (@IncomeTaxIndia) December 29, 2020
Let me tell you that usually the deadline for filing income tax is 31 July, but this time in view of the corona virus epidemic, the Income Tax Department has extended the ITR filing deadline to 31 December.
If you have not yet filed your income tax return for the last financial year (2019-20), do not wait for the last date or deadline to increase and file it immediately. Income Tax dept launches ‘Jhatpat Processing’ for quicker ITR filing: All you want to know
According to tax and investment advisor Balwant Jain, as per the provisions related to income tax, the taxpayer has to pay a fine of Rs 10,000 for not filing income tax returns by the deadline set by the department. However, a taxpayer with an annual income of up to five lakh rupees only has to pay a penalty of Rs 1,000 as late fee.
Apart from this, the other disadvantage of not filing income tax returns on time is in the context that you cannot carry forward if you have incurred losses in capital gains, housing property and business in the last financial year.
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