The annual Tax Return (ITR) due date is on December 31, 2021. While documenting ITR, citizens should realize subtleties set forward by Income Tax Department. Focal Board of Direct Taxes (CBDT) has given discounts of more than Rs. 1,36,779 crores to over 1.27 crore citizens from April 1, 2021, to December 13, 2021. Annual duty discounts of Rs 46,438 crore have been given in 1,25,34,644 cases and corporate expense discounts of Rs 90,340 crore have been given in 2,02,705 cases. This incorporates 90.95 lakh discounts of AY 2021-22 adding up to Rs 18, 848.60 crores, Income Tax India tweeted.
The Income Tax Department has firmly asked all citizens to see their Form 26AS and Annual Information Statement (AIS) through the e-recording entrance http://incometax.gov.in to check the exactness of the TDS and Tax Payments and profit of pre-filling of ITRs.
Taxpayers genuinely must cross-check the information in the AIS explanation with their bank passbook, premium endorsement, Form 16, and capital additions proclamation from financiers in the event of procurement and offer of value or shared assets.
No ITR For Specified Senior Citizens: Through Finance Act, 2021, another segment 194P has been embedded in the Income Tax Act, 1961 to give that in the event of senior residents over the age of 75 years having just annuity pay and premium pay from the account(s) kept up with the bank where they get such benefits, they don't have to document and ITR, Income Tax India expressed.
Coronavirus Relief Measures: Income Tax exception to the sum got by a citizen for clinical treatment from a business or from any individual for the treatment of Covid-19 during the monetary year and resulting years has been declared, Income Tax India tweeted.
The sooner you record your ITR, the more you can unwind. "Recorded Income Tax Return for AY 2021-22, e-confirmed it, returns got handled, and discount credited to the bank," Income Tax India tweeted.
ITR1 – Those with compensation and interest pay and pay from 1 house property should document ITR1.
ITR2 – Those with pay for more than 1 house property or capital increases need to record ITR2.
"Recording your Income Tax Return has become more straightforward than any time in recent memory now as we've prefilled a portion of your subtleties!" Income Tax India tweeted.
Citizens can contact Income Tax Department helplines 1800 103 0025, and 1800 419 0025.
Income Credit: Business Today