The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October 2021 is hereby further extended to 15th February 2022; and whose due date is 30th November 2021 is further extended to 28th February 2022.
It is encouraging to note that over 94.88 lakh ITRs have also been e-verified, which is necessary for processing by the Centralized Processing Center. Of this, 7.07 lakh ITRs have been processed.
Persons who are mandatorily required to authenticate electronic records by digital signature shall be deemed to have authenticated the electronic records when they submit the record through their registered account in the Income-tax Department's portal.
In order to provide relief to the taxpayers who were eligible to file applications as on 31.01.2021, but could not file the same, it has been decided that applications for settlement can be filed by the taxpayers by 30th September 2021.
CBDT has released the IT (26th Amendment) Rules, 2021. Under the amended rules, CBDT has inserted a new Rule 26D after rule 26C which lays down the provisions for Furnishing of Declaration and Evidence of Claims by Specified Senior Citizen u/s 194P.
Smt. Nirmala Sitharaman, Hon'ble Union Minister of Finance and Corporate Affairs laid foundation stone on 5th September, 2021 for office building of Income Tax Department at plot No. 4, 5 and 6, Infantry Road, Bengaluru.
Income tax refunds of Rs. 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases.
CBDT has inserted a new Rule 9D after Rule 9C which lays down provisions for Calculation of Taxable Interest Relating to Contribution in a Provident Fund or Recognised Provident Fund, Exceeding the Specified Limit.
To date, 93% of the refund claims in ITRs for AY 20-21 have already been processed. In the past week, refunds of over Rs. 15,269 crore have been issued which will be credited to taxpayers shortly.
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961, CBDT has decided to further extend the due dates for electronic filing of such Forms.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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