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

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

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

He, nevertheless, didn’t point out by when will technical glitches be totally resolved and all features on the portal can be obtainable to tax filers.

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

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

“Greater than two crore ITRs for AY 2021-22 have been filed on the portal, of which ITRs 1 and 4 represent 86 per cent. It’s encouraging to notice that greater than 1.70 crore returns have been e-verified, out of which 1.49 crore are by way of Aadhaar primarily based OTP,” the CBDT stated in a press release.

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

“Over 13.44 crore distinctive taxpayers have logged in until 13 October, 2021. Roughly 54.70 lakh taxpayers have availed of ‘forgot password’ facility to acquire 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, Revenue tax refunds of 22,214 crore have been issued and company tax refunds of 62,567 crore have been issued.

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

Aside from the curiosity on tax payable, lacking the due date attracts late payment as effectively.

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