The extended Income Tax Return (ITR) deadline has been the only breather in this pandemic-struck year. The dates to file the tax returns for the financial year 2019-20 were extended to ease the burden on people keeping in mind the novel coronavirus.
The taxpayers can now file their IT returns by the end of December instead of the original date of July 31, 2020. The last date for individual taxpayers is December 31 but the last date for taxpayers whose accounts need to be audited is January 31, 2021.
Also, the due date for furnishing various audit reports was extended to December end. Similarly, the due date for small taxpayers with a tax liability of up to Rs 1 lakh is January 31 next year.
The move, to extend the due date for filing the ITR, was aimed at simplifying the tax-filing process for assesses due to the coronavirus crisis.
The Central Board of Direct Taxation (CBDT) took to its Twitter handle to remind the taxpayers about the approaching deadline for the assessment year 2019-20 to avoid last-minute haste. The IT department also confirmed that more than 4.23 crore returns had already been filed till December 27, 2020.
Individuals whose income does not exceed Rs 50 lakh can file their returns under form ITR-1. Similarly, Form ITR-4 Sugam can be filed by resident individuals, HUFs and firms other than LLP with a total income of up to Rs 50 lakh and with presumptive income from business and profession.
ITR-3 and 6 can be filed by businesses while ITR-2 is applicable for those earning income from residential property. ITR-5 is meant for LLP and Association of Persons (AoPs) and ITR-7 is filed by a person whose income is derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
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