However, you may have to pay a penalty and won't be able to carry forward most types of losses
Assessment Year 2021-22 is for income earned in the financial year 2020-21
Over 4.67 crore Income Tax Returns (ITRs) have been filed on the new e-filing portal of the Income Tax Department as of December 27, 2021
The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021
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Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued
Infosys has been asked to address issues linked to complex filings
The income tax department said more than two crore ITRs for the financial year 2020-21 have been filed so far and the performance of the new I-T portal has 'substantially stabilised'
ITR filing has increased to 320,000 daily in September 2021
Ensure you file your returns ahead of time, in case you need to make changes
Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS
Will take stock of discrepancies in assessee disclosures in ITR
This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1
Over 8 mn returns for FY21 have been filed so far, 14% of returns filed for FY20
If they have lost non-resident status because of enforced stay in India, this can bring them some reprieve
The summon to Parekh was triggered by inaccessibility of the portal during the weekend due to some maintenance activities
Do so once the glitches on the new tax portal have been ironed out
Treat it as capital gain if you buy and hold; as business income if you trade frequently
The corrective measures are being taken based on feedback from taxpayers, tax professionals and representatives of ICAI to provide taxpayers with a smooth e-filing experience, it said
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30.