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Over 3 crore revenue tax returns for FY21 have been filed to date: Finance Ministry

The finance ministry on Sunday stated over three crore revenue tax returns have been filed for the monetary yr 2020-21 to date and suggested taxpayers who’re but to file their return to take action on the earliest. The variety of ITRs filed per day is over 4 lakh and rising on daily basis because the prolonged due date of December 31 is approaching, an official assertion stated.

The division has been issuing reminders to taxpayers by e-mails, SMS and media campaigns encouraging taxpayers to file their revenue tax returns with out additional delay.

All taxpayers who’re but to file their revenue tax returns for the evaluation yr 2021-22 are requested to file their returns on the earliest to keep away from the last-minute rush, it stated.

“The revenue tax division strongly urges all taxpayers to view their Type 26AS and Annual Data Assertion (AIS) by the e-filing portal to confirm the accuracy of the TDS and tax funds and avail of pre-filling of ITRs,” it stated.

It can be crucial for taxpayers to cross examine the info within the AIS assertion with their financial institution passbook, curiosity certificates, Type 16 and capital positive factors assertion from brokerages in case of buy and sale of fairness/ mutual funds, and so forth, it stated.

“Earnings tax return (ITR) submitting has elevated to three.03 crore ITRs for AY 2021-22. 58.98 per cent of those 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 those ITRs are filed utilizing the net ITR type on the portal and the stability are uploaded utilizing the ITR created from the offline software program utilities,” it stated.

The method of e-verification by Aadhaar OTP and different strategies is necessary for the revenue tax division to start processing of the ITR and to concern refunds if any.

It’s encouraging to notice that 2.69 crore returns have been e-verified, out of which greater than 2.28 crore are by Aadhaar-based OTP, it stated.

“In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the identical day. Of the verified ITRs greater than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY 2021-22 have been issued,” it stated.

Taxpayers are urged to make sure that the checking account chosen for credit score of refund should have their PAN quantity linked on the financial institution to keep away from refund failures, it added.

“Total 8.33 lakh DSCs have been registered. Within the simplified strategy of digital signature certificates (DSC) registration, any particular person has to register his DSC solely as soon as and might use it throughout any entity the place the person is a accomplice, director, and so forth, with out having to re-register once more towards every entity or function,” it stated.

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