ITR: In January, the government extended the deadline for companies to file income tax returns for the financial year ending March 2021 to March 15.
The Income Tax Department said on Monday that in eight months since the launch of the new IT e-filing portal, about 6.17 crore income tax returns and about 19 lakh tax audit reports have been filed through it.
A total of 6.17 crore income tax returns were filed for the assessment year 2021-22 (FY 2020-21). Of these, 48 per cent ITR-1 (2.97 crore), 9 per cent ITR-2 (56 lakh), 13 per cent ITR-3 (81.6 lakh), ITR-4 (1.65 crore), ITR-5 (10.9 lakh), ITR- 6 (4.84 lakh) and ITR-7 (1.32 lakh).
The Central Board of Direct Taxes (CBDT) said in a statement, “About 6.17 crore income tax returns and about 19 lakh major tax audit reports have been filed till February 6, 2022 on the new e-filing portal.
According to the statement, the department is issuing reminder letters to taxpayers through e-mail, SMS and Twitter and is encouraging taxpayers and chartered accountants not to wait till the last minute and file their TAR/ITR without any delay. Is.
Around 6.17 crore ITRs & about 19 lakh major TARs filed on the new e-Filing portal of ITD till 6th Feb, 2022.
2 new email ids- TAR.helpdesk@incometax.gov.in & ITR.helpdesk@incometax.gov.in have also been provided to assist filers for resolution of grievances related to e-filing. pic.twitter.com/zqwm72U11g— Income Tax India (@IncomeTaxIndia) February 7, 2022
ITR filing deadline extended
In January, the government extended the deadline for companies to file income tax returns for the financial year ending March 2021 to March 15. Whereas the date for submission of tax audit report and ‘transfer pricing’ audit report for 2020-21 is February 15.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms. It caters to the needs of a large number of small and medium taxpayers.
Sahaj Form can be filled by individuals with income up to Rs 50 lakh who receive income from salary, a house / other sources (interest etc.). Whereas ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and companies whose income from business and profession is up to Rs 50 lakh.
ITR-3 can be filed by individuals who receive income in the form of profits from companies/professions. While ITR-5, ITR-6 and ITR-7 are filed by Limited Liability Partnerships (LLPs), companies and trusts respectively.
Got two years extra time to file tax return
Presenting the budget, Finance Minister Nirmala Sitharaman has announced a big relief for the taxpayers. He said that if a taxpayer after filing his return comes to know that he has not included any particular income in the tax return, then there is nothing to panic.
Taxpayers will get two years extra time to file tax on additional income even after the assessment year has passed. For this, sub-section (8A) will be added in section 139 of the Income Tax Act. This will be known as updated return.
It will be implemented from 1st April 2022 i.e. from the financial year 2022-23. The benefit of the updated return will also be available to those in the assessment year 2021-22 which ends on March 31. Let us understand this whole matter with example.
