I-T returns rise 6% to 5.9 crore for FY20 – Times of India

NEW DELHI: Income tax returns went up almost 6% to five.9 crore on Sunday, the final date for submitting for fiscal yr 2019-20 for all classes, aside from corporations or these with tax audit.
By August 31, 2019, which was the final date for all classes together with people for the fiscal yr 2018-19, 5.6 crore returns had been logged, the revenue tax division stated late Monday night. This yr, the deadline has been prolonged on no less than three events with the federal government citing Covid-19 as the explanation.
Final yr, there was a mere 1.5% rise within the returns filed, following tax concessions provided to people.
Given a plethora of exemptions, the bottom of particular person revenue tax payers is proscribed to only round 1.5 crore, which is round 1% of the nation’s inhabitants. Regardless of recognition on the highest degree — with even Prime Minister Narendra Modi flagging the priority — tax authorities have did not adequately increase the online to the non-salaried class, leading to a large pile-up of strain on the small base. Knowledge launched by the finance ministry on Monday confirmed that over 31 lakh returns had been filed on the final day — January 10 — which was considerably decrease than the over 49 lakh filed on August 31, 2019.
Officers attributed it to the choice to supply an additional 10-day leisure within the submitting deadline, which helped people adjust to the requirement, with out placing undue strain on the servers. For people, the unique deadline for return submitting was July 31, which was prolonged to November 30 after which to December 31. It was subsequently prolonged to January 10.

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