Daily ITR filings almost double in a week

A record 7.38 crore ITRs were filed in the previous assessment year (AY2020-21 or fiscal year 2019-20).

This includes 1.07 crore refunds of AY 2021-22 amounting to Rs 21,021 crore,” the Income Tax department tweeted on Tuesday.
This includes 1.07 crore refunds of AY 2021-22 amounting to Rs 21,021 crore,” the Income Tax department tweeted on Tuesday.

With the December 31 deadline for the filing of income tax returns (ITRs) for the last fiscal approaching, the number of daily ITR filing has nearly doubled to 15.5 lakh from a week ago. With this, the total number of ITR filings made until December 27 stood at 4.67 crore, up over 10% from a year before.A further extension of the deadline can’t be ruled out, given the emergence of a new Covid strain — Omicron — and the evolving pandemic situation. A record 7.38 crore ITRs were filed in the previous assessment year (AY2020-21 or fiscal year 2019-20).

“CBDT issues refunds of over Rs 1,49,297 crore to more than 1.45 crore taxpayers from April 1, 2021, to December 27, 2021. Income tax refunds of Rs 50,793 crore have been issued in 1,42,48,302 cases & corporate tax refunds of Rs 98,504 crore have been issued in 2,19,357 cases. This includes 1.07 crore refunds of AY 2021-22 amounting to Rs 21,021 crore,” the Income Tax department tweeted on Tuesday.

On December 16, finance ministry officials held a meeting with the software vendor (Infosys) team, headed by its MD and CEO Salil Parekh, on the preparedness of the income tax department’s e-filing website during the peak filing period.Infosys has taken various steps, including augmentation of the technical infrastructure and setting up of a dedicated war room to monitor the performance of the portal.

Of the 4.67 crore ITRs filed for assessment year 2021-22, 53.6% are ITR1, 8.9% is ITR2, 10.8% is ITR3, 25% are ITR4 and 1% are ITR5.  Bulk of these ITRs have been filed using the online ITR form on the e-filing portal and the rest have been uploaded using the ITR created from the offline software utilities.

The income tax department has urged all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of TDS (tax deducted at source) and tax payments and avail of pre-filling of ITRs. It is important for taxpayers to cross-check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages in case of purchase and sale of equity/mutual funds, etc.

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