The new AIS can be accessed by clicking on the link "Annual Information Statement (AIS)" on the new Income tax Portal. The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.
Over 55% of these ITRs have been prepared using the online form available & filed on the new portal. More than 1.95 crore ITRs for AY 2021-22 have been e-verified till 28th October 2021. Out of this, 86% were verified using Aadhaar OTP.
Income tax refunds of Rs. 27,965 crore have been issued in 76,21,956 cases & corporate tax refunds of Rs. 74,987 crore have been issued in 1,70,424 cases. This includes 46.09 lakh refunds of AY 2021-22.
CBDT issues refunds of over Rs. 92,961 crore to more than 63.23 lakh taxpayers from 1st April, 2021 to 18th October, 2021.
More than 2 crore ITRs for AY 2021-22 have been filed on the portal, of which ITRs 1 & 4 constitute 86%. It is encouraging to note that more than 1.70 crore returns have been e-verified, out of which 1.49 crore are through Aadhaar based OTP.
Income tax refunds of Rs. 22,214 crore have been issued in 57,83,032 cases & corporate tax refunds of Rs. 62,567 crore have been issued in 1,67,718 cases. This includes 29.23 lakh refunds of AY 2021-22 amounting to Rs. 2241.39 crore.
Income tax refunds of Rs. 20,510 crore have been issued in 51,88,762 cases &corporate tax refunds of Rs. 61,719 crore have been issued in 1,65,397 cases. This includes 24.73 lakh refunds of AY 2021-22 amounting to Rs. 1903.05 crore.
On 3rd October 2021, the International Consortium of International Journalists (ICIJ) has come out with what is claimed to be a 2.94 terabyte data trove that exposes the offshore secrets of wealthy elites from more than 200 countries and territories.
No tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012.
CBDT has authorized the Commissioner of Income Tax to admit an application for settlement on behalf of the Interim Board filed after 31.01.2021 and before 30.09.2021 and treat such applications as valid and process them as "pending applications".
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India