Report Wire - With new I-T portal ‘stabilising’, taxpayers urged to file ITRs on the earliest

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With new I-T portal ‘stabilising’, taxpayers urged to file ITRs on the earliest

2 min read
To make the process more easier, all income tax returns have been made available for e-filing

The revenue tax division has urged taxpayers to file their revenue tax returns for the monetary 12 months 2020-2021 on the earliest and stated the efficiency of the brand new I-T portal has “substantially stabilised.”

Yesterday, Infosys CEO echoed the identical sentiment, saying the portal is seeing “steady progress” and taxpayers’ issues are being “progressively addressed”.

He, nonetheless, didn’t point out by when will technical glitches be absolutely resolved and all features on the portal will likely be out there to tax filers.

Over 2 crore ITRs for the monetary 12 months 2020-21 have been filed to date, stated the IT division. To make the method extra simpler, all ITRs have been made out there for e-filing.

The new portal was launched on June 7 and within the preliminary interval, taxpayers had reported glitches and difficulties within the functioning of the portal.

“More than two crore ITRs for AY 2021-22 have been filed on the portal, of which ITRs 1 and 4 constitute 86 per cent. It is encouraging to note that more than 1.70 crore returns have been e-verified, out of which 1.49 crore are through Aadhaar based OTP,” the CBDT stated in an announcement.

The tax division has stated that numerous technical points have since been resolved and the efficiency of the portal has considerably stabilized.

“Over 13.44 crore unique taxpayers have logged in till 13 October, 2021. Approximately 54.70 lakh taxpayers have availed of ‘forgot password’ facility to obtain their passwords,” it added.

The CBDT has issued refunds of over ₹84,781 crore to greater than 59.51 lakh taxpayers from 1 April to 11 October. Of the whole refunds, Income tax refunds of ₹22,214 crore have been issued and company tax refunds of ₹62,567 crore have been issued.

Filing an ITR early has many advantages for taxpayers. Even although the federal government has offered aid in timelines, there isn’t a escape on the penalty for late submitting of returns. Many taxpayers finally pay curiosity for delay in return submitting and cost of tax.

Apart from the curiosity on tax payable, lacking the due date attracts late payment as properly.

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