A top official said on Friday that the government is not looking at extending the last date for filing income tax returns as it expects most of the returns by the due date of July 31. revenue secretary
Tarun Bajaj More than 2.3 crore income returns were filed for the financial year 2021-22 till July 20 and the number is rising.
In the last financial year (2020-21), around 5.89 crore ITRs (Income Tax Returns) were filed till the extended due date of December 31, 2021.
He said, “People thought that the routine now is that the dates will be extended. So they were a little slow in filing returns initially but now on a daily basis we are getting returns between 15 lakh to 18 lakh. It goes up to 25 lakhs. Little will happen. 30 lakh returns,” he told PTI.
Usually, return filers wait till the last day to file returns.
“Last time 9-10 per cent filed on the last day. Last time, we had more than 50 lakhs (filing returns on the last date). This time, I have asked my people to be ready for 1 crore. day),” he said.
As per IT rules, the deadline for filing ITR for one financial year by individual taxpayers who are not required to get their accounts audited is July 31 of the next financial year.
Through ITR, a person has to submit to the Income Tax Department of India. It contains information about the income of the individual during the year and the taxes to be paid on it.
How to file ITR within 30 minutes
collecting documents
Taxpayers are in a hurry to file returns as the last date for filing tax returns approaches. If you have all the required documents, the whole process takes no more than 30 minutes. These steps will help you prepare a flawless ITR and ensure smooth filing.
Form 16 or 16A for salary breakup
For salaried taxpayers, the first step is to get your Form 16 or 16A from the employer. In the tax forms, the assessee is now required to give the details of his gross salary, in which various heads of income are mentioned. You have to mention Basic Pay, HRA and other allowances, like LTA, Uniform Allowance, etc. In many cases, Form 16 will not offer a detailed breakup, but will only figure gross pay. The taxpayer has to work backwards by deducting the amount claimed for various exemptions from the gross pay and then declare the rest as his basic salary. Make sure that the final salary income matches with Form 16 or 16A. Certain exemptions like HRA can be claimed at the time of filing the return, even if it is not mentioned in Form 16.
Verify TDS, TCS details in Form 26AS
Before filling the form, check whether all the taxes deducted on your behalf have been deposited in your account. Form 26AS contains details of all payments made to you and TDS on these payments. This includes TDS on interest and dividend income from deposits and bonds. It will also contain the details of Tax Collected at Source (TCS). You can access your Form 26AS through the tax department portal or through your net banking account. If you find that some TDS or TCS has not been credited to you, contact the deductor immediately. It takes around 7-10 days for correction in Form 26AS, so one must act immediately.
Reconcile Income and TDS
Once you have checked the TDS and TCS details in your Form 26AS, tally them with the details in the Annual Information Statement (AIS). It contains details of all income received by the individual from various sources (including salary, profession, rent, interest, etc.) and also details where and how much the individual invested and spent during the year. Although AIS covers all possible financial transactions, it is still a work in progress and some details may not be entered in the form.
The taxpayer is expected to check all relevant information and report complete and accurate information in the income tax return. The mismatch can happen because the system of government may not have captured the full details. While filing ITR, taxpayers should go by the actual transaction number and should not rely solely on AIS numbers.
Get Capital Gains Statement
If you have invested in stocks and mutual funds, you will also need to obtain a capital gains statement from your broker and mutual fund. Long-term gains from equity and equity-oriented funds above Rs 1 lakh are taxed at 10%, while short-term gains are taxed at 15%. Short term gains are added to income and taxed at normal rates, while long term gains are taxed at 20% after indexation. After indexation, the average person will not be able to calculate his profit from mutual funds. You can log in to your mutual fund and get the capital gains statement within minutes. It is a better idea to get consolidated statement from mutual fund transfer agency.
The Income Tax Department has prescribed 7 types of ITR forms, the applicability of which will depend on the nature and amount of income and the type of taxpayer.
new income of tax department tax payment The portal is now much stronger to take the increased load.
“As of now, there is no thought of extending the last date of filing,” he added.
Bajaj said that the feedback received from taxpayers is that filing of return forms has become very easy and refunds are also being done in a very short time.
On complaints of difficulty in filing returns by some people, he said that 2.3 crore people have already filed returns without any complaints.
Who has to file ITR? Check out these 9 points
Who has to file ITR? Check out these 9 points
Who is compulsorily required to file Income Tax Return?
There are some instances where it is mandatory for individual taxpayers to file ITR.
point 1
Your gross total income (before deductions and exemptions) has exceeded the basic exemption limit of Rs 2.5 lakh (Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens under the old tax regime).
point 2
Your total sales, turnover or gross receipts in the business exceeds Rs.60 lakhs.
point 3
Your total gross receipts from the profession is more than Rs.10 lakhs.
“Earlier 50,000 people were filing returns daily and now the number has gone up to 20 lakh. I am sure returns will increase in the next few days and people will file returns,” he said.
In the last two financial years, the government had extended the ITR filing deadline to ease compliance for taxpayers battling the Covid pandemic.
