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File ITR now, don't wait for last day, says I-T Dept. Know important dates

To ease the burden on people due to the new coronavirus pandemic, the deadlines for filing tax returns have been extended.

The usual date to submit an ITR for the 2019-20 fiscal year was July 31, 2020. However, individuals can now submit their international telecommunications registration before December 31 of this year.

The Tax Administration said that the deadline for the submission of ITR by individual taxpayers for the 2019-20 fiscal year ends on December 31, 2020, while the same deadline for taxpayers whose accounts require auditing is 31 January 2021.

Regarding Twitter, the Income Tax Department wrote: "As of December 27, 2020, more than 4.23 crore of income tax returns has been submitted for the year 2020-21. Have you filed your application? If you haven't already, don't wait. Submit your #ITR to AY 2020-21 TODAY! ''

The Income Tax Administration has extended the deadline to present the International Telecommunications Registry, to simplify the process of filing taxes for evaluations, amid the Covid-19 crisis.

Taxpayers now have until the end of December to file their return for the income they earned between April 1, 2019 and March 31, 2020, instead of November 30.

Important dates to consider when submitting your ITR:

1) The due date for the filing of income tax returns for taxpayers whose accounts require auditing has been extended to January 31 of next year.

2) The deadline for the submission of various audit reports in accordance with the law, including the tax audit report and the report in relation to a specific national or international transaction, has been extended until the end of December.

3) The due date for small taxpayers or income tax assessors with a tax liability of up to $ 1,000 is January 31 of the next year.

4.23 cr ITR filed for AY 2020-21 until December 27

The Central Board of Direct Taxes (CBDT) stated that more than Rs 4.23 crore income tax returns for the valuation year (AY) 2020-21 until December 27.

"Over 4.23 million rupees of income tax returns have been filed for the year 2020-21 as of December 27, 2020. Have you filed your returns? If you haven't filed them yet, don't wait. Submit your # ITR for YY 2020-21 TODAY! ", tweeted Income Tax Department.

This includes over 2.38 lakh from filing ITR-1, over 92.26 lakh from filing ITR-4, over 51.05 lakh from ITR-3, and over 31.09 lakh from depositing ITR-2.

At the end of the ITR filing deadline without paying the late fees for the 2018-2019 fiscal year (2019-20 assessment year), taxpayers have filed more than Rs 5.65 crore. The deadline was extended last year until August 31, 2019.

Presenting a comparative analysis of the ITR regulations presented, the Income Tax Department said that Rs 4.30 crores deposited as of Aug 27, 2019, compared to more than Rs 4.23 crores filed as of Dec 27, 2020.

Returns can be submitted in ITR-1 Sahaj by an ordinary resident person whose total income does not exceed ₹ 50 lakh, while the ITR-4 Sugam form is intended for resident individuals, HUF and companies (other than LLP) who have a total income up to ₹ 50 lakh. And earn virtual income from business and profession.

While ITR-3 and 6 are offered by businesses, ITR-2 is served by people who have income from residential properties; ITR-5 is offered by LLP and Association of People (AoPs). ITR-7 is provided by a person who receives income from assets held under trust or other legal obligation entirely for charitable or religious purposes or only in part for these purposes.

Also Read: Here’s What Industry Leaders Predict For Real Estate In 2021

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