Since the December 31 tax return (ITR) deadline for the latest financial approach, daily ITR filings have nearly doubled to 15.5 million from a week earlier.
However, the total number of ITR applications submitted before 27 December was Rs 4.67 billion, up 10% from a year earlier. A further extension of the period cannot be ruled out given the emergence of a new Covid strain, Omicron. Situations that evolve along with the pandemic, a record 7.38 million ITRs were submitted in the previous assessment year (AY202021 or fiscal year 2019-20).
“CBDT will repay Rs 1.49,297 and above to taxpayers of Rs 1.45 and above from 1 April 2021 to 27 December 2021. Income tax refunds were Rs 50,793 from 1,42,48,302 cases, corporate tax refunded 98,504. Of the rupees, 2,19,357 were issued, including rupees 1.07 billion, $202,122 and rupees 21,021.
On December 16, Treasury officials held a meeting with a team of software vendors (Infosys) led by Managing Director and CEO Salil Parekh to explain the tax administration website’s readiness for income tax during the peak filing period.
Steps including expanding the technical infrastructure and setting up a dedicated military room for monitoring portal performance.
Of the 4.67 million ITRs submitted for the 202122 estimate, 53.6% are ITR1, 8.9% are ITR2, 10.8% are ITR3, 25% are ITR4, and 1% are ITR5. Most of these ITRs were submitted using the online ITR forms of the e-filing portal, and the remainder were downloaded using ITRs created with standalone software utilities.
The Income Tax Department has urged all taxpayers to view Form 26AS and Annual Information Report (AIS) through the electronic filing portal to verify the accuracy of their withholding tax (TDS) and tax payments and to utilize a pre-filled ITR.
If a taxpayer is buying or selling stocks/mutual funds, etc., it is important to match the information in the AIS statement with the bank passbook, interest certificate, Form 16, and brokerage capital gains statement.
Treasury officials held a meeting with a group of software vendors led by Managing Director and CEO Salil Parekh on the readiness of the Income Tax Debt Department website during the filing period.
Many of these ITRs were actually submitted using the Internet ITR view of electronic submission websites, and were actually published using ITRs built with the energy of a standalone software application.
Follow and connect with us on Facebook, LinkedIn & Twitter
