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07/27/2022 5 Big Things Related To Income Tax Return

As per Income Tax rules, the deadline for filing ITR for this financial year by individual taxpayers is 31st July. These are the kind of taxpayers who do not require their accounts to be audited.
The Revenue Secretary said that the general response of the taxpayers is that filing of return forms has become very easy and refunds are also getting faster. The tax department has launched a new I - T filing portal. According to officials, this portal is very strong and can take the extra load.
Revenue Secretary Tarun Bajaj said, " Last time, we had more than 50 lakh people filing returns on the last date. This time, I have told my people to be ready for 1 crore who will file their returns on the last day.
In the last financial year 2020-21 (FY21), around 5.89 crore ITRs were filed till the extended date of December 31, 2021. Through ITR, a person has to deposit tax with the Income Tax Department of India. ITR contains information about the income of an individual and the taxes to be paid on it during a particular financial year.
If the income of a person exceeds the exemption limit, then he has to file tax return. Under the new tax regime, the exemption limit has been fixed at 2.5 lakhs. Under the old regime, the exemption limit is 2.5 lakh for those below 60 years of age, 3 lakh for people between 60 and 80 years (senior citizens) and 5 lakh for those above 80 years (super senior citizens). Lakh.

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