Filing of tax returns by individuals has slowed down so far in the current year, while filing by businesses and trusts have increased.
Over 4.73 crore Income Tax Returns (ITRs) for fiscal year 2019-20 have been filed till December 30, amid the government extending the deadline for filing ITR till January 10 for individuals.
Earlier, the deadline to file ITRs was December 31, 2020 for individuals and January 31, 2021 for companies. This was extended on Wednesday till January 10 and February 15, respectively.
“More than 4.73 crore Income Tax Returns for AY 2020-21 have already been filed till 30th of December, 2020,” the I-T department said in a tweet.
Last year, the deadline for individuals to file ITRs was August 31 and over 5.65 crore ITRs were filed. The number was over 5.12 crore till August 30.
An analysis of the data showed that filing of tax returns by individuals for fiscal 2019-20 has slowed down so far in the current year, while filing by businesses and trusts have increased.
Over 2.61 crore ITR-1 have been filed till December 30, 2020, lower than the 2.91 crore filed till August 30, 2019.
Over 1.05 crore ITR-4 have been filed till December 30 as compared to 1.10 crore filed till August 29, 2019.
Returns in ITR-1 Sahaj can be filed by individuals whose total income does not exceed ₹50 lakh, while form ITR-4 Sugam is meant for individuals, Hindu Undivided Families (HUFs) and firms (other than LLP) having a total income of up to ₹50 lakh and having presumptive income from business and profession.
Over 35.64 lakh ITR-2 (filed by people having income from residential property) were filed till December 30. ITR-5 (filed by LLP and Association of Persons) filings till December 30, 2020 stood at 7.52 lakh, while ITR-6 (by businesses) filings were at 3.67 lakh.
ITR-7 (filed by persons having income derived from property held under trust) filers stood at 1.10 lakh till December 30, 2020.