Income Tax: Important ITR filing message for you for assessment year (AY) 2020-21 (fiscal year 2019-20)

The Income Tax Department has confirmed that as many as 3.97 crore taxpayers have already filed their income tax returns for assessment year (AY) 2020-21 (fiscal year 2019-20) till December 24. This includes 2.27 crore taxpayers filing ITR-1, 85.20 lakh filing ITR-4, 46.78 lakh ITR-3 and 28.74 lakh filing ITR-2.

"Over 3.97 crore Income Tax Returns have already been filed till 24th of December, 2020.Have you filed yours as yet? If not, please do it TODAY! File your Return of Income Tax & ....Relax!," the department tweeted.

Income Tax return filing

-The deadline to file I-T returns by individual taxpayers for the 2019-20 fiscal (AY 2020-21)?ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.

-The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID pandemic.

-At the close of deadline for filing ITR without payment of late fee for FY 2018-19 (AY 2019-20), over 5.65 crore returns were filed by taxpayers. The deadline last year was extended till August 31, 2019.

-Giving a comparative analysis of the ITRs filed, the I-T department said 3.92 crore ITRs were filed till August 24, 2019, compared to 3.97 crore filed till December 24, 2020.

Various typers of ITR returns

-Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh, while Form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.

-While ITR-3 and 6 are filed by businesses, ITR-2 is filed by people having income from residential property; ITR-5 is filed by ?LLP and Association of Persons (AoPs) . 

-ITR-7 is filed by person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.