Over 66.3 million revenue tax returns for FY’21 filed until March 15

Over 6.63 crore revenue tax returns (ITRs) have been filed for 2020-21 fiscal as of March 15, a rise of 16.7 lakh over the tax returns filed final yr, the I-T division stated on Wednesday.

March 15 was the final date for submitting ITRs for 2020-21 fiscal by corporates and different taxpayers who should file audit reviews. The final date for people was December 31, 2021.

“Greater than 6.63 crore Revenue Tax Returns (ITRs) had been filed for AY 2021-22 on the brand new e-filing portal of the Revenue Tax Division as on fifteenth March, 2022… This displays a rise of over 16.7 lakh ITRs over complete submitting of ITRs for AY 2020-21 until March 15, 2021,” the I-T division stated in an announcement.

Greater than 5.43 lakh ITRs had been filed on March 15, 2022, in comparison with 4.77 lakh final yr on the due date, whereas over 13.84 lakh ITRs had been filed within the final 5 days (in comparison with 11.87 lakh earlier).

Out of the 6.63 crore ITRs filed for AY 2021-22, 46 per cent are ITR-1 (3.03 crore), 9 per cent are ITR-2 (57.6 lakh), 15 per cent are ITR-3 (1.02 crore), 26 per cent are ITR-4 (1.75 crore), and a pair of per cent are ITR-5 (15.1 lakh), ITR-6 (9.3 lakh) and ITR-7 (2.18 lakh).

ITR Kind 1 (Sahaj) and ITR Kind 4 (Sugam) are less complicated varieties that cater to a lot of small and medium taxpayers.

Sahaj could be filed by a person having revenue of as much as Rs 50 lakh and who receives revenue from wage, one home property/different sources (curiosity, and so forth). ITR-4 could be filed by people, HUFs and companies with complete revenue as much as Rs 50 lakh and having revenue from enterprise and career.

ITR-3 is filed by individuals having revenue as earnings from enterprise/ career, whereas ITR-5, 6 and seven are filed by LLPs, companies and trusts, respectively.

Additional, out of the 6.63 crore ITRs filed for AY 2021-22, greater than 6.01 crore have been verified (75 per cent utilizing Aadhaar OTP).

Out of the verified ITRs, greater than 5.17 crore have been processed and 1.83 crore refunds for AY 2021-22 have been issued until March 15, 2022.

To help taxpayers with a easy expertise on the portal, over 8,500 taxpayer calls and 260 chats had been responded to by the helpdesk solely on March 15, 2022 itself.

Two e mail ids had been created to resolve grievances of taxpayers in an expeditious method associated to importing of ITRs (itr.helpdesk@incometax.gov.in) and Tax Audit Report (TAR) (tar.helpdesk@incometax.gov.in).

On this regard, 16,252 emails had been acquired, of which 16,233 had been resolved by March 15, 2022.

“The Division has been proactively participating with and reaching out to taxpayers and professionals for help by its official Twitter deal with on a steady foundation and thru direct webex calls/webinars for higher handholding,” it added.

The final date of submitting belated return, revised return, linking of Aadhaar and PAN and compliance to the e-proceedings for evaluation and so forth is March 31, 2022.

(Solely the headline and film of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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