Over 2.38 cr ITRs Submitted for Fiscal Year 21, Says IT Department | Income tax returns of more than 2.38 million rupees filed for financial year 2020-21, December 31 is the latest date


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Over 2.38 cr ITRs for Fiscal Year 21 Submitted, Says IT Department

New Delhi. For the 2020-21 financial year, more than 2.38 billion income tax returns have been filed so far. The Income Tax Department released this information on Tuesday. Of this, more than Rs 1.68 crore have been processed income tax returns (ITR), while refunds have been issued in more than 64 lakh cases.

The Income Tax Department tweeted that the electronic income tax filing portal has received more than Rs 2.38 crore ITR for the 2021-22 fiscal year. The department also urged taxpayers to submit their ITRs for the 2020-21 financial year on the electronic filing portal as soon as possible. The government has twice extended the due date for ITR filing for the 2020-21 financial year. The last date for filing income tax returns for taxpayers is December 31st.

Enabled tax audit utility form

The Income Tax Department has enabled the Tax Audit Utility Forms for fiscal years 2019-20 and 2020-21 on its portal. According to the Income Tax Law, taxpayers are required to audit their accounts if the company’s sales, turnover or gross income exceeds Rs 10 crore in the 2020-21 financial year (2021-22 fiscal year) . For professionals, the limit is Rs 50 lakh.

For the financial year 2019-20, this limit is Rs 5 crore and Rs 50 lakh respectively. The last date to submit tax audit reports for the 2020-21 financial year is January 15, 2022. For the 2019-20 fiscal year, it was due by January 15, 2021, although companies can still file tax reports. audited audits.

Publication of a new annual information statement

The Income Tax Department posted a new Annual Information Statement (AIS) on its website on Monday. Provides an option to respond with complete taxpayer information. The new AIS includes additional information related to interest, dividends, securities transactions, mutual fund transactions, and remittances abroad. According to the ministry, until the new AIS is fully operational, Form 26AS will be available on the TRSCES portal.

The new AIS also provides a simplified Taxpayer Information Summary (TIS). Keep things simple when filing returns. If the taxpayer files the response in AIS, the information in TIS will be automatically updated in real time and will be used for filing the return. It will be implemented in a phased manner. The Central Board of Direct Taxes (CBDT) said that taxpayers are asked to consult the information shown in the Annual Information Declaration (AIS) and respond if it is necessary to amend the information.




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