• Notification Date: 09.02.2022
• Notification No: N/A

Lakhs of Audit and ITR Reports filed on I-T Portal

According to the report of the Income-tax department, around 6.17 crore of Income tax returns has been filed with the department. About 19 lakh tax audit reports have been filed on the new portal of Income-tax. The new I-T portal has been introduced eight months ago on June 7, and the enhancement in filing reports is quite evident. The number of ITRs filed in the financial year 2021-22 is 6.17 crore. Out of this figure, 48% are ITR-1, numbering 2.97 crores. 19% is ITR-2, which is about 56 lakh. 13% is ITR-3 of about 81.6 lakh. ITR-4 is about 27%, the number is 1.65 crore. About 10.9 lakh is ITR-5, 4.84 lakh is ITR-6, and ITR-7 is about 1.32 lakh.

According to the report of the Central Board of Direct Taxes (CBDT), more than 1.61 lakh of other tax audit reports have been filed till February 6, 2022. The Income-tax department has sent reminders to the taxpayers to file their reports via several digital platforms like e-mails, SMS, and Twitter. The department has continuously encouraged the taxpayers to submit their tax and audit reports for the assessment year 2021-22 within the due time.

For the convenience of the taxpayers, the government extended the deadline for filing the Income-tax return reports from January to 15 March. The fiscal for income tax reports ends on March 2021. The deadline for filing the tax audit report and transfer pricing audit report is extended till February 15.

To serve the purposes of the small and medium taxpayers, ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) have been introduced. ITR Form 1 ‘Sahaj’ can be filed by the taxpayers who have an income up to Rs.50 lakh. The sources of income for the individual has to be from salary, one house property or other sources. ITR Form 4 ‘Sugam’ can be filed by individuals, HUFs, as well as firms where the total income is up to Rs.50 lakh. The source of income is required to be from a business or profession.

Taxpayers having the profits from business or other professions as the source of income are required to file ITR-3. The LLPs are required to file ITR-5, the businesses will file ITR-6, and the trusts are required to file ITR-7.