Income Tax Returns, Tax Audit Reports Filing: Latest update for taxpayers from I-T department

The income tax department on Monday said around 6.17 crore I-T returns and about 19 lakh tax audit reports (TARs) have been filed on the new I-T e-filing portal in eight months since its launch.

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Out of 6.17 crore ITRs filed for the assessment year 2021-22 (FY2020-21), 48 per cent of these are ITR-1 (2.97 crore), nine per cent is ITR-2 (56 lakh), 13 per cent is ITR-3 (81.6 lakh), 27 per cent are ITR-4 (1.65 crore), ITR-5 (10.9 lakh), ITR-6 (4.84 lakh) and ITR-7 (1.32 lakh).

"Around 6.17 crore income tax returns (ITRs) and about 19 lakh major tax audit reports (TARs) have been filed on the new e-filing portal of the income tax department as on February 6, 2022," the Central Board of Direct Taxes (CBDT) said in a statement.

More than 1.61 lakh other tax audit reports have been filed till February 6, 2022.

The department has been issuing reminders to taxpayers through e-mails, SMS and Twitter encouraging taxpayers and chartered accountants not to wait till the last minute and file their TARs/ ITRs without further delay, the statement added.

"All taxpayers/ tax professionals who are yet to file their tax audit reports or income tax returns for AY 2021-22 are requested to file their TARs/ returns immediately to avoid the last-minute rush," it said.

The government had in January extended till March 15 the deadline for corporates to file income tax returns for the fiscal ended March 2021, while the same for filing tax audit report and transfer pricing audit report for 2020-21 fiscal is February 15.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.

Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property/other sources (interest, etc). ITR-4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession.

ITR-3 is filed by people having income as profits from business/ profession, while ITR-5, 6 and 7 are filed by LLPs, businesses and trusts, respectively.

The new income tax portal was launched on June 7.