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.

[pt_view id=”bde86c4tc7″]

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.

Recent Posts

What Happens If You’re Late In Filing Income Tax Returns

The last day of filing income tax returns is 31 December 2020. The Central Board of Direct Taxes (CBDT) has extended the date twice, but it is important to file your income tax returns before the deadline. If you miss the deadline, you can still file it, but you will have to face consequences in the form of fines or loss of tax benefits. You may also remember that if your salary falls below net income, you will not be asked to pay any penalty for filing a late or belated return.

As per the income tax regulations, the minimum exemption limit for persons below the age of 60 is Rs 2.5 lakh. For individuals or senior citizens 60 years of age or above but under 80 years of age, the tax exemption cap is Rs. 3 lakh. For people above 80 years of age and above the basic exemption limit is Rs 5 lakh.

If a taxpayer files a delayed ITR, i.e. after the due date, the returns filed are considered belated returns.

Penalties which you need to pay in case of late filing of returns.
penalty late filing itr
  • A penalty of Rs.5,000 shall be imposed on taxpayers if they skip the filing date for the relevant assessment year and file their returns on or before 31 December 2020. This year as a result of the Covid-19 outbreak, the government has extended the deadline to 31 December 2020 so that this penalty does not apply to FY2019-20.
  • A penalty of Rs. 10,000 will be imposed if you file your income tax returns after 31 December 2020 and before the end of the relevant assessment year, which is 31 March 2021.
  • The penalty is Rs. 1000 for small taxpayers with taxable income less than Rs. 5 lakh for late filings.
  • In addition to penalties, late filing of income tax returns would attract 1 percent of interest on any tax paid due in the financial year according to Section 234A of the Income Tax Act of 1961. The interest estimate would start from the day deadlines ends, meaning the later you file the returns, the more interest you pay.
Benefits You May Lose for late filings of returns
benefits of early itr filing
  • A belated I-T return will mean that you would not be able to carry forward capital losses in the next financial year. This basically means that you will not be able to minimize your tax burden for the next financial year, and you will not be able to cover your tax liability against income.
  • If you are entitled to a refund, you will not be allowed to seek the refund if you file your return after the due date. You should also note that if you file an ITR within the due date, the interest on the refund will be determined from 1 April of the relevant assessment year to the date of the refund. You will miss out on this interest if you file a late return.

You should file your tax returns on time, as delays can lead to a review by the Income Tax Department.

Recent Post:-

Investigating The Penalty Structure For Late Filing Of ITR

The Income Tax expert of India had set 31st August 2018 as the last date for documenting salary expense form relating to budgetary year 2017-18 for all evaluates separated from those abode in Kerala without confronting heavy punishments.

In this manner, you can expect a stringent demand which can extend up to 10000 INR on the off chance that you record your profits post 31st August midnight. Be that as it may, this won’t influence evaluates who don’t cling to the due dates if their pay falls beneath the base assessable limit.

Penalty for Late Filing ITR:

  1. The fine has been settled at 5000 INR for surveys who document the arrival post due date of 31st August yet either at the very latest 31st December of the significant appraisal year which is 31st December for this situation.
  2. The fine will climb to 10000 INR on the arrival being recorded before the finish of the important evaluation year i.e. 31st March 2018 for this situation however after 31st

Citizens, whose gross aggregate pay falls beneath 5 lakh INR will be at risk to pay the most extreme punishment measure of 1000 INR as it were. Area 234F which embroils laws relating to imposing late documenting expenses was presented following an alteration in Budget 2017 and wound up powerful from 2018-19 appraisal year onwards.

penalty for late filing ITRIn this note appraisal year alludes to the year which quickly pursues an important money related year with respect to which an ITR has been documented. In this manner, the evaluation year for 2017-18 money related year is 2018-19.

A case of an occupant singular having a place with under 60 years old, is taken for clarifying this entire situation. It is expected that he acquires 1.5 lakh INR on long haul capital increases emerging out of closeout of value shares alongside intrigue salary of another 1.5 lakh INR in a money related year. Additions emerging out of closeout of value situated common reserve or value shares in the wake of being held for a range going over a year have been kept totally absolved from the domain of tax collection in 2017-18 FY. Consequently, the aggregate salary of this assessee will be taken as 3 lakh INR and he will be at risk to pay punishment as talked about above as per the arrangements of 234F on documenting late return.

[frontpage_news widget=”879″ name=”Certicom – A Group of Chartered Accountants – Articles”]