Income Tax Returns: With the new Income Tax (IT) department portal still posing challenges for filling the IT returns and other activities, and importantly the number of people filing the returns has come down considerable when compared to last year, the Union government was mulling with the idea of extending the filling date.
Income Tax Returns
While certain sections of the media has mentioned that it would be extended till March 31, 2022; others say it could extended only January 10, 2022. An official announce in this regard is yet to come and give much needed relief to the general public.
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The last date for filing the IT returns must be accomplished on or before December 31, 2021. The number of returns filed by the taxpayers seems to be less as compared to the previous year. As per data, there is a decrease of 1.5 crores in the filed returns. Only three more days are left to reach the deadline. The Income Tax department has extended the filing of IT returns twice this year.
As per the Income Tax department, the tax returns filed by December 26, 2021, are 2.44 crores under ITR-1 Form (Sahaj) and 1.12 crores under ITR-4 Form (Sugam). There was a spike in the returns in a single day to a number of 8.7 lakh. Meanwhile, last week of the month, there were a number of 46.77 lakh taxpayers filing ITR whereas on December 25, 2021 there were 11.68 lakh taxpayers.
Since the extension seems to be inevitable, it is being reported that the Union government was planning to extend last date to March 31, 2022. People will be allowed to file belated returns, after December 31, 2021, and it would attract penalty up to Rs 10,000!
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