The total returns for 2019-20 are 33.35 lakh higher than the previous year as total ITRs filed stood at 5.61 crore on the last date which was August 31, 2019.
This includes over 2.34 crore taxpayers filing ITR-1, over 89.89 lakh filing ITR-4, over 49.72 lakh ITR-3 and over 30.36 lakh filing ITR-2.
At the close of deadline for filing ITR without payment of late fees for fiscal 2018-19 (assessment year 2019-20), over 5.65 crore returns were filed by taxpayers.
There have been several new aspects introduced in this year’s ITR returns (AY2020-21) including a new Schedule DI form, and details on high EB bills, travel expenses, etc.
The government had earlier in May extended various due dates for filing ITRs for the 2019-20 fiscal from July 31 to November 30.
A release from the Central Board of Direct Taxes said the date for furnishing of belated and revised returns for the assessment year 2019-20 has been extended from September 30 to November 30
It had also introduced a grandfathering mechanism for the computation of LTCG for these shares, for which scrip-wise information is necessary.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act.
Faceless scrutiny, appeals to ease taxpayers' compliance burden, increase fairness in tax system: FM Sitharaman
Faceless Asssessment, the Ministry said, has benefits like making tax assessment fair, transparent, ensuring ease of compliance and improved quality of assessment.
The ministry, however, did not give the absolute number of cases picked up for scrutiny during these years.
The CBDT issued a notification on June 24, 2020 to provide further relief to taxpayers by extending various time limits of compliances, a statement said.
The 25 per cent reduction would release nearly Rs 50,000 crore in the hands of the people who would have otherwise paid it as TDS, FM Nirmala Sitharaman said.
The official said that the CBDT will also come up with the revised I-T return forms for financial year 2019-20 (Assessment Year 2020-21) which will be notified by the end of this month.
“If not done, please file returns immediately. Otherwise, penal provisions under the IT Act of 1961 shall be initiated,” it said.
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