Tax dept asks taxpayers to file returns at the earliest to avoid last-minute rush

Insight Online News

New Delhi, Dec 5 : Advising taxpayers to avoid last minute rush, the Income Tax (I-T) department has asked taxpayers to file their returns for the assessment year 2021-22 at the earliest, it was reported on Sunday.

The deadline to file the annual income tax returns (ITRs) is December 31, 2021 after which penalties would be levied for late filing.

“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,” Central Board of Direct Taxes (CBDT) spokesperson said.

More than 3 crore ITRs have been filed on the new e-Filing portal of the department as on December 3, 2021.

“The number of ITRs filed per day is over 4 lakh and increasing every day as the extended due date of December 31, 2021 is approaching,” the department said on Sunday.

The number of ITRs filed by taxpayers across various categories has been on the rise.

As per official data, out of 3.03 crore ITRs for AY 2021-22 filed so far, 58.98 per cent 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 have been filed using the online ITR form on the portal and the balance uploaded using the ITR created from the offline software utilities.

The I-T department noted that the process of e-verification through Aadhaar OTP and other methods is important for it 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,” the department said.

In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the same day, said the Income Tax department.

“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,” the department stated.

UNIINDIA

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