Income Tax Returns: More than 5 crore income tax returns (ITRs) were filed till January 4 for the financial year 2019-20. The Income Tax Department gave its information on Tuesday. The department said that the government has extended the deadline for filing income tax returns for the people to 10 January and 15 February for companies.
The Income Tax Department has written on Twitter, “More than 5.01 crore income tax returns for the assessment year 2020-21 have been filed till January 4, 2021.” Whereas, ITR deadline for fiscal year 2018-19 is 31 August. Was and for this, more than 5.63 crore income tax returns were submitted. The analysis of the data shows that the pace of filing personal income tax returns for 2019-20 is somewhat slow, while in the case of companies and trusts have increased. By January 4, 2021, 2.7 crore ITR-1s were filed. This is lower than the 3.09 crore paid till September 4, 2019. At the same time, 1.04 crore ITR-4 was filed till January 4 while 1.28 crore ITR-4 was filed till 4 September 2019.
The last date for filing returns in the Income Tax Department has been set as January 10. Taxpayers who have not filed returns yet, fill the returns otherwise after 10 January they may also have to pay a fine of ₹ 10000. Due to Corona, the date of filing returns in the Income Tax Department has been extended from 31 December to 10 January. Taxpayers who failed to file returns in December can file their return for 2019-20.
According to the rules of the Income Tax Department, people below the age of 60 years, with an income up to Rs 2.5 lakh a year, have to compulsorily file income tax returns. At the same time, for people between 60 and 80 years of age, this limit is five lakh rupees.
The Income Tax Department has released a new e-calendar for the year 2021, which lists the last dates of all important tax-related works. Keeping these dates in mind, you can settle your tax related work on time.