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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1. Income tax department makes it mandatory to link your PAN with Aadhaar by 30th June 2021. If not linked, the PAN will become invalid. This will attract a higher TDS rate and may impact your financial transaction. Link your PAN with Aadhaar.

2. Apart from the above, by virtue of Section 139AA(2) of the Act linking of Aadhar with PAN within the prescribed timelines is mandatory. In case of non-linking the existing PAN issued shall be considered as inoperative and TDS shall be deducted at the higher rate as applicable in case of a person who does not have PAN i.e. @ 20%.

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3. The Finance Minister on 1 February 2021 has introduced a new Section 206AB vide Finance Act 2021. This Section is applicable for FY 2021-22 w.e.f. 1 July 2021. This amendment has been introduced to ensure filing of return of income by those persons who are required to file the return of income but are willfully not filing return of income.

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4. Sebi came out with fresh guidelines on reporting formats for mutual funds. The formats for the reports to be submitted by asset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultation from the industry.

5. Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act. As per the notification issued by the Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR funding. And Filing of Form CSR-1 has been started on the MCA portal and a huge number of NGOs has already enrolled with MCA.