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May 7, 2020

More than one Lakh Income Tax Returns filed in April 2020

by facelesscompliance in Income Tax

More than one Lakh Income Tax Returns filed in April 2020

Thanks to E Filing website of Income Tax Department, which allows all to file returns irrespective of their physical location. There are total 107,292 Income Tax Returns which are filed in the month April 2020.

The returns filed are not for the last Financial Year 2019-20 as the forms and Utilities are not live as on today, 7 May 2020. The returns are filed for FY 2018-19 as the due date to file returns are extended from 31 March 2020 to 30 June 2020

The Income Tax Department has extended the due date to file returns who has not filed for FY 2018-19 till 30 June 2020. This is last chance to file the belated returns for FY 2018-19. Those who has missed to filed the return can file till 30 June, else later they will not able to file the Income Tax Returns. In cases where there is any TDS deducted and refunds needs to be claim this is the last Chance.

The above statistics shows that all the ITR from ITR 1 to ITR 7 where filed in the month of April 2020 for returns of FY 2018-19

If we compare the above data with last year April 2019 figure, there where more than 3 Lakh returns filed as the ITR 1 and ITR 4 forms where made live in first week of April.

Taxpayers should not miss the last chance given by Income Tax Department to file Income Tax Returns for FY 2018-19.

You may get following 12 benefits even in case of NIL Returns filing

1) Refund if TDS is Deducted

2) Ease in getting Business Loans as most bank demand 3 Years ITR

3) VISA processing for International Travel

4) Getting Car and Auto Loans

5) ITR receipt is a very important document

6) Establishing income proof in compensation cases like in Motor Vehicles Act

7) ITR receipt is sent to your registered address, which can serve as residential Address proof

8) Helps to avoid extra interest in case if any tax liability is due

9) Banks can reject your credit card application if you haven’t filed your ITR

10) To buy an insurance policy with a higher cover

11) Freelancer or self-employed people don’t have Form16. This is the only document they have to show that he has filed the ITR.

12) Being a law abiding law abiding citizen

You can now file your Income Tax Returns online without visiting any office, virtually, all you need to do is register and upload documents online

Click here in case you have income from Salary, Pension, Fixed deposit

Click here in case you have income from Business or Profession

You can even drop email at info@facelesscompliance.com

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