Over 7.28 crore ITRs filed for AY25, 5.27 crore opt for New Tax Regime
The taxpayers and tax professionals made their compliances in time, leading to a surge in filing of ITRs which resulted in a new record of ITRs filed, it said.
The Income Tax Department said that over 4.84 crore taxpayers have already filed their income tax returns (ITR) for assessment year 2020-21 (FY2019-20) till December 31, 2020.
The government has extended the ITR filing deadline for individuals till January 10, and for companies till February 15.
“Over 4.84 crore Income Tax Returns for AY 2020-21 have already been filed till 31st of December, 2020,” the Income Tax Department tweeted.
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The deadline for individuals to file ITRs for 2018-19 was August 31, 2019 and over 5.61 crore ITRs were filed.
An analysis of the data showed that filing of tax returns by individuals for 2019-20 has slowed in the current year, while filing by businesses and trusts have increased.
Over 2.65 crore ITR-1 have been filed till December 31, 2020, lower than the 3.09 crore filed till August 31, 2019.
Over 1.08 crore ITR-4 have been filed till December 31 as compared to 1.28 crore filed till August 31, 2019.
Returns in ITR-1 Sahaj are filed by individuals whose total income does not exceed Rs 50 lakh, while form ITR-4 Sugam is meant for individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnership ) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
Over 36.58 lakh ITR-2 (filed by people having income from residential property) were filed till December 31. ITR-5 (filed by LLP and Association of Persons) filings stood at 7.84 lakh, while ITR-6 (by businesses) filings were at 3.82 lakh.
ITR-7 (filed by persons having income derived from property held under trust) filings stood at 1.15 lakh till December 31, 2020.
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