(Aditya Shaw, Intern Journalist): The government has extended the time for filing income tax. Now, Income Tax Return (ITR) can be filed by 10 January. To date, the last date of the ITR file was 31 December. This will be for ITR Financial Year 2019-20. The Finance Ministry gave this information on Wednesday evening.
4.37 crore ITRs so far this year
A total of 4.37 crore ITRs were filled up to 28 December. According to the information, those filing personal income tax, whose accounts do not need to be audited, can file the return till January 10. Such taxpayers use the ITR 1 or ITR 4 form. For the first time, the date of ITR was extended from 31 July to 30 November. It was then extended to 31 December.
Audit accounts until 15 February
According to a press statement issued by the Finance Ministry, ITR has been extended till February 15 for those who pay taxes and have their accounts audited and for those who need to report international financial transactions. With this, the government has extended the last date of tax audit report to 15 January 2021.
Dispute to trust scheme till 31 January
The date of declaration of income from the dispute under the trust scheme has also been extended to 31 January 2021. This year, the date of filing income tax has been repeatedly increased due to Corona. Failure to file ITR on time may lead to a fine of Rs 10,000 and a jail term.
Appeal to extend the date due to Corona
Several Chartered Accountant (CA) and Practitioner Societies had appealed to the government to extend the date of filing ITR. More people will be able to pay tax. Because, due to Corona, the work has not started completely yet. People still have not been able to gather their full information. Especially those who do not know whether or not they use technology less. The number of senior citizens is high among such people.
These people need to fill ITR
According to the new provision, it is necessary to file ITR for those who deposit one crore or more in a current account in the bank in a year. If you spend more than 2 lakh rupees annually on a foreign tour, you will still have to pay ITR. Even if you pay an electricity bill of more than one lakh rupees annually, you will still have to pay ITR.
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