It is common knowledge that every Indian citizen whose gross total income exceeds the taxable limit in a financial year is required to file his/her income tax return (ITR). However, sometimes some people wonder if a person is also required to file his/her return of income if the income does not exceed the taxable limit? And, if yes, then in what circumstances?
Income Tax Return Filing AY 2020-21 Latest Updates: With only two days left for the due date, over 13.6 lakh Income Tax Returns (ITR) were filed till 8 PM today (December 29, 2020), according to the Income Tax department. Almost 1.5 lakh ITRs were filed in just one hour between 7 to 8 pm today. The Income Tax Department said in a tweet earlier that 12,16,631 ITRs were filed up to 1800 hour today and 1,50,366 ITRs were filed in the last 1 hour.
The Income Tax Department said that around 4.37 crore income tax returns for fiscal 2019-20 (Assessment Year 2020-21) were filed till December 28. During the same period last year, 4.51 crore ITRs were filed. The deadline for income tax return filing for individuals will end on Thursday (December 31, 2020). The tax department has asked taxpayers not to wait and file returns early. The due date for taxpayers whose accounts require to be audited is January 31, 2021.
Here are the latest updates related to ITR Filing:
- Income Tax department’s advice for e-verification: “It has come to our notice that users are experiencing some difficulty in receipt of Aadhaar based OTP for the purpose of e-verification of ITRs filed. This issue has been taken up with the authorities concerned. However, it is reiterated that, while, filing of ITR is to be done within the stipulated period, the e-verification of ITR filed can/may be done with Aadhaar OTP or other options within 120 days from the date of filing of the ITR,” I-T department said in a series of tweets.
- Due Date Extension demand: Even as a large number of taxpayers are filing their returns before the end of the due date, several of them are also seeking an extension of the due date. These include professionals and others whose livelihoods were hit by the lockdown imposed due to COVID-19 pandemic. Several of them are running a campaign on social media for an immediate extension of the due date.
- ITR filing update at 10 pm (December 29, 2020): 13,65,147 ITRs have been filed up to 2000 hours today; 1,48,516 ITRs filed in the last 1 hour, says Income tax department.
- ITR filing update at 8 pm (December 29, 2020): 12,16,631 ITRs have been filed up to 1800 hours today; 1,50,366 ITRs filed in the last 1 hour, says Income tax department.
- ITR filing update at 6 pm (December 29, 2020): 10,64,084 ITRs have been filed up to 1800 hours today; 1,50,366 ITRs filed in the last 1 hour, says Income tax department.
- ITR filing update at 5 pm (December 29, 2020): 9,13,718 ITRs have been filed up to 1700 hours today; 1,47,882 ITRs filed in the last 1 hour, says Income tax department.
Here are the key dates to remember by the taxpayers for filing ITR:
- January 31, 2021 is the due date for furnishing the income tax returns for taxpayers whose accounts require to be audited.
- December 31, 2020 is the due date for furnishing various audit reports under the Act, including the tax audit report and report in respect of international or specified domestic transactions.
- January 31, 2021 is the due date for the small taxpayers, or income tax assessees with tax liability up to Rs 1 lakh.