Business & Investment

Income Tax: Important ITR Filing Message for Valuation Year (AY) 2020-21 (Fiscal Year 2019-20)

The Income Tax Department has confirmed that taxpayers of 397 million rupees have already filed income tax returns from 2020-21 (FY2019-20) to December 24. This includes taxpayers of Rs 227 million submitting ITR-1. 85.20 Rakufiling ITR-4, 46.78 Rakufiling ITR-3 and 28.74 Rakufiling ITR-2.

“By December 24, 2020, you have already filed an income tax return of over Rs 397 million. Haven’t filed yet? If not, submit it now! Submit your income tax return Please relax! ”Tweet.

Income tax return

-The deadline for filing IT returns by individual taxpayers for fiscal year 2019-20 (2020-21) ends December 31, 2020, but taxpayers who require an account audit will also be eligible. It is January 31, 2021.

-Due to the COVID pandemic, the deadlines have been extended from 31 July and 31 October 2020, respectively.

-At the end of the 2018-19 (2019-20) deadline for filing an ITR without paying late fees, taxpayers filed a tax return of over Rs 565 million. Last year’s deadline has been extended to August 31, 2019.

-A comparative analysis of the submitted ITR shows that the IT department has submitted 392 million rupees by August 24, 2019, compared to 397 million rupees submitted by December 24, 2020. Announced ITR.

Various types of ITR returns

-Returns at ITR-1 Sahaj can be submitted by regular residents with a total income of no more than 50 rupees. Form ITR-4 Sugam, on the other hand, has a total income of up to Rs 50 and has an estimated income from business and profession.

-ITR-3 and 6 are submitted by companies, while ITR-2 is submitted by people who earn income from residential real estate. What about ITR-5? Submitted by LLP and Association of Persons (AoPs).

-ITR-7 is a person who receives income from property held under a trust or other legal obligation, either entirely for charitable or religious purposes, or only partially for such purposes. Submitted by.



Income Tax: Important ITR Filing Message for Valuation Year (AY) 2020-21 (Fiscal Year 2019-20)

https://www.zeebiz.com/personal-finance/news-income-tax-important-itr-filing-message-for-you-for-assessment-year-ay-2020-21-fiscal-year-2019-20-144645 Income Tax: Important ITR Filing Message for Valuation Year (AY) 2020-21 (Fiscal Year 2019-20)

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