ITR filing increased to 3.2 lakh daily in September, 2021

ITR filing increased to 3.2 lakh daily in September, 2021

Updates to the Income Tax Department’s e-Filing portal

The Income Tax Department’s e-Filing site (www.incometax.gov.in) was introduced on June 7, 2021. Since then, taxpayers and professionals have experienced flaws and problems with the service. The Ministry of Finance has been keeping a close eye on how concerns with Infosys Ltd, the project’s Managed Services Provider, are being resolved.

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A number of technical issues are being addressed one by one, and the statistics for the various filings on the portal are showing a favourable trend. Since September 7, 2021, over 8.83 crore unique taxpayers have signed in, with a daily average of over 15.55 lakh in September 2021. In September 2021, the number of ITRs filed grew to 3.2 lakh per day, with 1.19 crore ITRs filed for the fiscal year 2021-22. Over 76.2 lakh taxpayers have used the portal’s online service to file their forms.

It’s good to see that over 94.88 lakh ITRs have been e-verified, which is required for the Centralized Processing Center to process them. 7.07 lakh ITRs have been processed so far.

Over 8.74 lakh Notices issued by the Department under the Faceless Assessment/Appeal/Penalty proceedings have been viewed by taxpayers, with over 2.61 lakh answers filed. On a daily basis in September 2021, an average of 8,285 Notices for e-proceedings were issued and 5,889 answers were filed.

Over 10.60 lakh statutory forms have been filed, including 7.86 lakh TDS statements, 1.03 lakh Form 10A for trusts/institutions registration, 0.87 lakh Form 10E for salary arrears, and 0.10 lakh Form 35 for appeals.

Applicability of Tax Audit under section 44AB or 44AD or 44ADA

66.44 lakh taxpayers have linked their Aadhaar numbers to their PAN numbers, and over 14.59 lakh e-PANs have been issued. In September 2021, around 0.50 lakh taxpayers were using these two services on a daily basis.

The Department is continuing to work with Infosys to ensure that taxpayers have a positive filing experience.

Fix issues with the Income Tax e-filing portal by September 15, 2021: FM to Infosys

Fix issues with the Income Tax e-filing portal by September 15, 2021: FM to Infosys

The Finance Ministry met with Infosys to discuss issues with the Income Tax Department’s e-filing portal.

Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, met with Mr Salil Parekh, MD & CEO, Infosys, here today afternoon to express the Government’s and taxpayers’ deep disappointment and concerns about the ongoing glitches in the Income Tax Department’s e-filing portal, even two and a half months after its launch, which was also delayed. Smt. Sitharaman demanded an answer from Infosys for the taxpayers’ ongoing problems.

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The Ministry of Finance emphasised the necessity for Infosys to invest more resources and effort in order to assure the much-delayed delivery of agreed-upon services. Mr. Parekh was also made aware of the challenges faced by taxpayers, as well as the issues that have arisen as a result of the portal’s slow operation.

The Finance Minister demanded that the team overcome the challenges that taxpayers are having with the portal’s present features by September 15, 2021, so that taxpayers and professionals may work together effortlessly on the platform.

India’s exposure to US securities has increased by more than 10pc in the last 3 months 

Mr. Parekh stated that he and his staff are doing all possible to ensure the portal’s flawless operation. Mr. Parekh further stated that around 750 team members are working on this project, which is being directly overseen by Mr. Pravin Rao, Infosys’ COO. Mr. Parekh also stated that Infosys is working quickly to ensure that taxpayers have a smooth experience on the platform.

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Latest Tax Updates

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1. Income Tax Return (ITR) filing for  Financial Year 2020-2021 has started. 30.09.2021 is the Last date for Income Tax Return filing for Assessment Year 2021-22 (Financial Year 2020-21).

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2. Benefits of Income Tax Return (ITR) filing:

a) Claiming Tax Refund
b) Loans processing gets easier
c) Credit cards processing gets easier
d) Visa processing gets faster
e) Set off & Carry forward of losses
f) Serves as proof of income
g) Serves as address proof
h) Buying a high life insurance cover
i) Helpful for those with small or nil income
j) Proof of accumulated earnings over the years
k) Avoiding potential Income Tax notices for non-filing of ITRs

Digital payments up 30.2% in FY21: According to RBI data

3. Indian investment in cryptocurrencies grew from $923 million in April 2020 to nearly $ 6.6 billion in May 2021. The crypto investment by Indians has grown despite no clear regulation on this from the RBI or the Government. The RBI had tried to impose a kind of ban in 2018 by restricting banking facilities to crypto exchanges, which was later ruled out by the Supreme Court.

4. Ministry of Corporate Affairs has recently mandate One Person Company (OPC) and Small Company vide notification dated 5th March 2021 to file its annual return from the financial year 2020-2021 onward in Form No: MGT-7A under Section 92 of the Companies Act, 2013. This action is taken by MCA for giving clarity and reducing the burden of Small Companies and OPC.