Income tax department has created an Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers
The due date for ITR filing for FY 2020-21 or AY21-22 is December 31, 2021. Going by the latest updates from the I-T Department, scores of individuals continue to file their returns even in the last week before the deadline. Here is a list of things that could go wrong in late filing of ITR.
More than three crore taxpayers have filed their ITR on the new e-filing portal of the income tax department as of 3 December 2021
CBDT provides one-time relaxation for verification of e-filed ITRs for AY 2020-21, Income Tax India tweeted.
Earlier on December 26, the I-T department informed that over 4.43 crore income tax returns (ITRs) for the 2020-21 fiscal have been filed, including over 11.68 lakh returns filed on December 25.
Income tax department has created an Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers
There are several other benefits that one can avail after filing ITR even if his or her salary is non-taxable.
The I-T Department receives information from multiple government agencies on high-value transactions conducted by individuals. So if you do not report those transactions in the ITR the I-T Department may send you a notice seeking an explanation on the same.
Several chartered accountants’ associations and industry bodies want the December 31 due date for filing tax returns to be extended again
Income Tax Return Filing Due Date May Be Extended Even Though Dept. Urges Taxpayers To File It
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