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Income Tax Return: Government Issues Big Clarification on ITR Process

Taxpayers who have filed the documents through an e-filing account and followed all the procedures don’t require e-verification and digital signature. The Central government stated this in a statement. The statement came as the last date of the filing is coming near, i.e. December 31.

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The Ministry of Finance confirmed it in their tweet. To make the process of tax compliance easier, pre-filled ITR (income tax returns) are given to individual taxpayers. The form now contains all the details pre-filled like salary income etc.

The MoF stated that pre-filled ITR forms will make it easier for taxpayers to file ITR. The salary income, the scope of data will be pre-filled. More than 3 crores of IT returns are filed in the new e-filing website of the Income Tax Department until December 3, 2021. Every day more than 4 lakh ITR are filed, the Ministry of Finance said in their statement.

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The IT Department strongly suggest all taxpayers check Form 26AS and the Annual Information Statement (AIS) through the online portal to verify the accuracy of TDS and Tax Payments to get the pre-filled ITR forms. Taxpayers must check their information in the AIS statement with their bank passbook, interest certificate, Form 16 and the capital gains statement.

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The Ministry of Finance also stated that the time limit to re-open IT assessment cases are decreased to 3 years from 6 years. The assessment can be reopened within 10 years when there is evidence of income for more than Rs 50 lakh per year.

The last date of the IT return was extended to December 31st this year because the new e-filing website was facing technical issues. Previously the last dates for IT returns were set in November.

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The current last date is December 31, 2021, and failing to meet the deadline will result in a penalty of Rs 5,000 for the FY 2020-21.

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