The previous earnings tax portal, incometaxindiaefiling.gov.in, was shut for customers from 1 to six June as the federal government labored on launching its new earnings tax submitting portal, incometax.gov.in. The new portal was slated to go reside on 7 June. Mint explains the adjustments:
What are the adjustments within the new portal?
The new system is meant to quickly course of earnings tax returns (ITRs) and concern refunds. If it really works as meant, it will likely be an unlimited enchancment on the previous system that generally took months. Its returns preparation software program is meant to work even for these with little data of earnings tax, by way of a query reply system. The new portal is supposed to have a centralized dashboard the place the taxpayer can view all interactions, uploads and pending actions. Also deliberate are a name centre, video tutorials, chatbot and an app with the options of the desktop portal.
What are the adjustments to tax cost?
In the previous system, tax was paid on the National Securities Depository Ltd (NSDL)-run web site which might concern a challan quantity that needed to be quoted in returns. In the brand new system, taxpayers will finally have the ability to make funds on the tax submitting web site itself in order that the quantity instantly exhibits within the returns. The vary of strategies by way of which individuals will pay their taxes can even be expanded to cowl debit playing cards, bank cards, internet banking and the Unified Payments Interface (UPI). People will have the ability to pay from their accounts in any financial institution.
View Full ImageKey adjustments
Was any aid given to hospitals and sufferers?
The authorities has allowed hospitals, nursing properties and covid-care centres to just accept greater than ₹2 lakh from sufferers from 1 April 2021 to 31 May 2021 supplied PAN or Aadhar Card variety of the payer is submitted. If the cost was made by another person, particulars about their relationship with the affected person is required.
Have submitting dates been prolonged?
The final date for submitting returns for people for FY21 has been prolonged from 31 July to 30 September 2021. However, in case your tax legal responsibility exceeds ₹1 lakh, the deadline for paying tax (versus return submitting) stays 31 July. The deadline for submitting revised or belated returns has been prolonged from 31 December 2021 to 31 January 2022. For taxpayers who need to get an audit performed, the deadline has been prolonged from 31 October to 30 November. The deadline for employers to concern Form 16 is now 15 July.
Any different main adjustments this 12 months?
Finance minister Nirmala Sitharaman launched the idea of ‘pre-filled returns’ in Budget 2021. Hence from FY21, the earnings tax division will robotically mixture and show information on numerous kinds of incomes you’ve gotten earned, resembling curiosity, dividends, capital positive aspects on shares and mutual funds. This will permit you to see all the info in a single place. If there is no such thing as a massive distinction between the info gathered by the division and the taxpayer’s returns, the returns can also get processed sooner.
Subscribe to Mint Newsletters * Enter a legitimate electronic mail * Thank you for subscribing to our publication.
Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!
Topics