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The Internal Revenue Service is urging taxpayers to file ITRs before the December 31 deadline.
This year, the government created an e-filing system in an attempt to make submitting income tax returns (ITR) more user-friendly. The Income Tax Department has advised taxpayers to file their income tax returns (ITR) as soon as possible through their e-filing site, saying that the deadline for completing the ITR for assessment year 2021-22 is December 31.
To make the filing procedure easier, the income tax department has implemented an automated filing system, an annual information statement (AIS), and other measures. For the assessment year 2021-2022, the deadline to file an ITR is December 31, 2021.
Taxpayers who have not yet filed their ITRs must do so before the deadline, since failure to do so can result in a slew of consequences for all taxpayers.
The Central Board of Direct Taxes (CBDT) originally set the deadline for July 31, but it was pushed out to September 30 due to several technological issues reported by customers. The administration eventually agreed to extend the deadline for reporting ITRs until December 31.
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Meanwhile, according to a Ministry of Finance release, over three crore ITRs had been filed on the new e-filing platform of the Income Tax Department as of December 3.
Furthermore, the Income Tax Department has asked taxpayers to see their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of TDS and Tax Payments and to take advantage of ITR pre-filling.
“In the case of purchase and sale of stock or mutual funds, taxpayers should cross-check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages,” the ministry added.
The department’s ability to begin processing ITRs and provide refunds depends on the department’s ability to conduct e-verification using Aadhar OTP and other means.
“It’s good to see that 2.69 crore returns have been e-verified, with more than 2.28 crore using an Aadhaar-based OTP,” the statement stated.
The Department has been sending out reminders to taxpayers via email, SMS, and social media campaigns, asking them to file their tax returns as soon as possible.
“All taxpayers who have not yet filed their Income Tax returns for the fiscal year 2021-22 are urged to do so as soon as possible to avoid the last-minute rush,” it added.