New Delhi: Income Tax Return (ITR) due date is on December 31, 2021. All taxpayers, who are yet to their Income Tax Returns for Assessment Year (AY) 2021-2022 must file their returns at the earliest to avoid last minute rush. While filing ITR, taxpayers must know details put forward by Income Tax Department
Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs. 1,36,779 crore to over 1.27 crore taxpayers from April 1, 2021 to December 13, 2021. Income tax refunds of Rs 46,438 crore have been issued in 1,25,34,644 cases and corporate tax refunds of Rs 90,340 crore have been issued in 2,02,705 cases. This includes 90.95 lakh refunds of AY 2021-22 amounting to Rs 18, 848.60 crore, Income Tax India tweeted.
The Income Tax Department has strongly urged all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal http://incometax.gov.in to verify the accuracy of the TDS and Tax Payments and avail of pre-filling of ITRs.
It is important for taxpayers to cross check the data in the AIS statement with their bank passbook, interest certificate, Form 16, and capital gains statement from brokerages in case of purchase and sale of equity or mutual funds.
No ITR For Specified Senior Citizens: Through Finance Act, 2021, a new section 194P has been inserted in the Income Tax Act, 1961 to provide that in case of senior citizens above the age of 75 years having only pension income and interest income from the account(s) maintained with the bank in which they receive such pension, they do not need to file and ITR, Income Tax India stated.
Covid-19 Relief Measures: Income Tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of Covid-19 during the financial year and subsequent years has been announced, Income Tax India tweeted.
The sooner you file your ITR, the more you can relax. “Filed Income Tax Return for AY 2021-22, e-verified it, returns got processed, and refund credited to the bank,” Income Tax India tweeted.
“Dear taxpayers! Here’s what you need to keep in mind before you file your return this weekend,” Income Tax India tweeted.
ITR1 – Those with a salary and interest income, and income from 1 house property must file ITR1.
ITR2 – Those with income from more than 1 house property or capital gains have to file ITR2.
“Filing your Income Tax Return has become easier than ever now as we’ve prefilled some of your details!” Income Tax India tweeted.
These documents are – Form 16, Bank statement, interest certificate from bank, housing loan interest statement, if any, rental receipts and house property tax if any, capital gains statement from broker, if any, 26AS and Annual Information Statement (AIS).
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