News Update

CBIC notifies Passenger name record information regulations 2022Govt not mulling over 8th Pay Commission: MoSNASA finds Super-earth but no life thus far; 4 times the mass of earth takes only 10.8 days to complete a yearST - Once it is accepted that the software put in CD is 'goods', then there cannot be any separate service element in the transaction: SCGST - Implementing DIN for all communications sent by State Tax Officers may bring in transparency and accountability in indirect tax administration - Council to issue advisory: SCGovt allows export of wheat and flour but subject to IMC approvalMonsoon Session of Parliament comes to abrupt end today - 4 days ahead of scheduled timeIndia has 17.96 lakh women-owned MSMEs out of 99.59 lakh: MoSNo dependence on one country; Oil PSUs sourcing from multiple zones: MoSOil & Gas PSUs have set up Hydrogen Corpus Fund to fund R&D: MinisterTri-Ratna of governance - Out of box thinking, breaking taboos & converting Govt drive into Mass Campaign: MoSACC appoints Suresh Kr Batra as JM of CATACC appoints 8 retired HC Judges as JM of CATRumours making rounds about possible ban on Chinese phones priced below Rs 12KCWG: PV Sindhu bags gold; PM calls her ‘Champion of Champions’Success of 5G auction is confidence vote of Industry in policies: MoSSanjay Raut sent to 14 days judicial custodyHK reports 105% jump in crypto-related grifting casesGST - The Court in exercise of its writ jurisdiction, would be disinclined to set aside, much less to stay SCN, more particularly when impugned SCN are adjudication bound: HCStart-Up Certification - Time to brood over!Fake Invoicing under GST - A clarity search
 
Over 3 Crore ITRs filed; ITR1 accounts for 59%

By TIOL News Service

NEW DELHI, DEC 05, 2021: THE CBDT has stated that more than three crore Income Tax Returns have now been filed on the new e-Filing portal of the Income Tax Department as on  December 3, 2021. The number of ITRs filed per day is over 4 lakh and increasing everyday as the extended due date of 31st December 2021 is approaching.

The Income Tax Department strongly urges all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of the TDS and Tax Payments and avail of pre-filling of ITRs. It is important for taxpayers to cross check the data in the AIS statement with their Bank passbook, interest certificate, Form 16 and Capital gains statement from brokerages in case of purchase and sale of equity/Mutual funds etc.

Income Tax Return (ITR) filing has increased to 3.03 crore ITRs for AY 2021-22. 58.98% of these are ITR1 (1.78 crore), 8% is ITR2 (24.42 lakh), 8.7% is ITR3 (26.58 lakh), 23.12% are ITR4 (70.07 lakh), ITR5 (2.14 lakh), ITR6 (0.91 lakh) and ITR7 (0.15 lakh). Over 52% of these ITRs are filed using the online ITR form on the portal and the balance are uploaded using the ITR created from the offline software utilities.

The process of e-verification through Aadhaar OTP and other methods is important for the Department to commence processing of the ITR and to issue refunds, if any. It is encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar based OTP.

In November, 48% of the verified ITRs 1, 2 and 4 have been processed on the same day. Of the verified ITRs more than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY 2021-22 have been issued. Taxpayers are urged to ensure that the bank account selected for credit of refund must have their PAN number linked at the bank to avoid refund failures.

Overall 8.33 lakh DSCs have been registered. In the simplified process of DSC registration any individual has to register his DSC only once and can use it across any entity where the individual is a partner, director etc without having to re-register again against each entity or role.

Over 34.01 lakh Statutory Forms have been submitted including 15.11 lakh TDS statements, 1.56 lakh Form 10A for registration of Trusts/institutions, 3.29 lakh Form 10E for arrears of salary, 49,295 Form 35 pertaining to filing of Appeal and 35,342 DTVSV Form 4 till 3rd December, 2021.  Over 7.81 lakh 15CA and more than 1.82 lakh 15CB forms have been filed. More than 29.54 lakh e-PANs have been allotted online free of cost. The Legal Heir functionality has been enabled for registrations and compliance

The Department has been issuing reminders to taxpayers through emails, SMS and media campaigns encouraging taxpayers to file their Income Tax Returns without further delay.

All taxpayers who are yet to file their Income Tax returns for AY 2021-22 are requested to file their returns at the earliest to avoid last minute rush.


POST YOUR COMMENTS