ITR filing FY 2019-20: Very important message from Income Tax department; all you must know

Here`s how I-T department is felicitating timely tax payers.

New Delhi: You must have all heard of the proverb --the early bird gets the worm. The Income Tax department has made the proverb come true for those tax payers who have filled their Income Tax Refund (ITR) timely. 

The I-T department is felicitating timely tax payers by issuing them refunds (those eligible) for their ITR. The Income Tax department has tweeted that CBDT has issued refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between April 1, 2020 to January 4, 2021. Income tax refunds of Rs 53,070 crore have been issued in 1,38,85,044 cases and corporate tax refunds of Rs 1,10,946 crore have been issued in 2,06,847 cases, it wrote.

It may be recalled that the Central Board of Direct Taxes (CBDT) had on December 20 extended the deadline for filing ITRs for Assessment Year 2020-21 (FY 2019-20) for certain cases till February 15, 2021, due to difficulties faced by people in the wake of coronavirus COVID-19 pandemic.

Deadline for filing income tax returns by individuals has been extended by 10 days to January 10, 2021 while that for companies has been extended  till February 15, 2021. 

Meanwhile, as of the latest updates/statistics of Income Tax Returns filed as on January 6, the I-T department has tweeted that 6,68,097 ITRs have been filed upto 2000 hours and 66,322 ITRs filed in the hour previous to that.

#mute

This year, taxpayers are required to submit the returns for the FY 2019-20 financial year and the assessment year would be AY 2020-21.