Over 3 crore Income Tax Returns filed

The Central Board, or Direct Taxes (CBDT) reported Sunday that over $ 3 billion

The due date for submitting returns for most appraisals is December 31st.

It has also recommended that assessees who do not yet have to submit their declarations for the assessment year 2021-22 (fiscal year 2020-21) should submit them at the earliest.

According to the board, the number of ITRs submitted per day is over 4 lakh. It has urged all taxpayers to review their Form 26AS and Annual Information Declaration (AIS) through the e-filing portal to verify the accuracy of the TDS and tax payments and to pre-fill the ITRs. “It is important for taxpayers to keep the data in the AIS extract in case of buying and selling stocks / mutual funds etc.

Income tax return (ITR) filing has been increased to 3.03 crore ITRs for AY 2021-22. 58.98% of which are ITR1 (1.78 crore), 8% are ITR2 (24.42 lakh), 8.7% are ITR3 (26.58 lakh), 23.12% are ITR4 (70.07 lakh) , ITR5 (2.14 lakh), ITR6 (0.91 lakh) and ITR7 (0.15 lakh). Over 52 percent of these ITRs are submitted using the online ITR form on the portal and the balance is uploaded using the ITR created from the offline software utilities.

The process of electronic verification by Aadhaar OTP and other methods is important for the department to begin processing the ITR and issuing refunds if necessary. “It is encouraging to note that 2.69 crore of returns have been electronically verified, of which more than 2.28 crore are made through the Aadhaar-based OTP.”

In November, 48 percent of verified ITRs 1, 2, and 4 were processed on the same day. Of the verified ITRs, more than 2.11 billion

https://www.thehindubusinessline.com/economy/over-3-crore-income-tax-returns-filed/article37849203.ece