Economy

Over 3 crore Income Tax Returns filed

Shishir Sinha | | Updated on: Dec 05, 2021
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Due date for filing return for most of assesses is December 31

Central Board or Direct Taxes (CBDT) on Sunday reported that over 3 crore Income Tax Returns (ITR) were filed on the new e-Filing portal of the Income Tax Department.

Due date for filing return for most of assesses is December 31.

It has also adviced assessees who are yet to file their returns for Assessment Year 2021-22 (Fiscal Year 2020-21) to file them at the earliest.

According to the board, the number of ITRs filed per day is over 4 lakh. It has urged 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," the board said.

Income Tax Return (ITR) filing has increased to 3.03 crore ITRs for AY 2021-22. 58.98 per cent of these are ITR1 (1.78 crore), 8 per cent is ITR2 (24.42 lakh), 8.7 per cent is ITR3 (26.58 lakh), 23.12 per cent are ITR4 (70.07 lakh), ITR5 (2.14 lakh), ITR6 (0.91 lakh) and ITR7 (0.15 lakh). Over 52 per cent 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 percent 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," the board said.

Published on December 05, 2021

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