New Delhi | Jagran Business Desk: Proving a huge relief to all citizens across the country, the central government has decided to extend the deadline for filing income tax returns (ITR) for the fiscal year 2019-20 to January 10. The Centre has also extended the deadline for companies to file tax returns for FY 2019-20 by 15 days till February 15.

In a statement, the Ministry of Finance said that the deadline for filing ITR has been extended in wake of the "continued challenges faced by taxpayers in meeting statutory compliances due to COVID-19".

This is the third time that the government has extended the deadline to file ITR -- first from the normal deadline of July 31 to November 30, 2020, and then to December 31, 2020.

The last date for filing ITR has been extended for those taxpayers whose filings using ITR-1 and ITR-4 forms are not required to be audited. 

Due date of furnishing of annual return under Central Goods and Services Tax Act, 2017 for the financial year 2019-20 extended to February 28, it added.  

At the close of deadline for filing ITRs without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers.

Also, the due date for filing declaration under the direct tax dispute resolution scheme Vivad Se Vishwas has been extended by a month till January 31.

More than 4.54 crore tax returns for 2019-20 fiscal have been filed till December 29. In the comparable period last year, 4.77 crore income tax returns were filed. 

The data released by the tax department showed that over 2.52 crore ITR-1 have been filed till December 29, 2020, lower than the 2.77 crore filed till August 29, 2019. Over 1 crore ITR-4 have been filed till December 29 as compared to 99.50 lakh filed till August 29, 2019.

An analysis of the data showed that individuals filing tax return for fiscal 2019-20 have slowed so far in the current year, while filings by businesses and trusts have increased.

Returns in ITR-1 Sahaj can be filed by an ordinarily resident individual whose total income does not exceed Rs 50 lakh, while form ITR-4 Sugam is meant for resident individuals, Hindu Undivided Families (HUFs) and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.

Over 33.93 lakh ITR-2 (filed by people having income from residential property) were filed till December 29.

During last year, the due date for filing ITR by individuals who do not need to get their accounts audited was August 31. However, the date has been extended till December 31 this year on account of the COVID-19 pandemic.

ITR-5 (filed by LLP and Association of Persons) filings till December 29, 2020 jumped to 7.09 lakh from 4.14 lakh filed till August 29, 2019.

ITR-6 (filed by businesses) filings skyrocketed to over 3.46 lakh till December 29, 2020 as compared to 21,962 filed till August 29, 2019.

ITR-7 (filed by persons having income derived from property held under trust) filings also jumped to over 1.04 lakh till December 29, 2020 as compared to 41,963 till August 29 last year.

Posted By: Abhinav Gupta