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.
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“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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