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On this episode on Investsmart, CEO, Optima Money Managers, Pankaj Mathpal takes you through all that you need to know about filing your income tax returns. 

Invest Smart: Here's a guide to help you file your income tax returns 

On this episode on Investsmart, CEO, Optima Money Managers, Pankaj Mathpal takes you through all that you need to know about filing your income tax returns.&nbsp;

The season to file income tax returns is here. The last date to file your returns is July 31st. If you miss the deadline you can still file your returns by December 31st, but you will have to pay a penalty of up to ₹5000.&nbsp; Watch the video as Pankaj Mathpal, CEO, Optima Money Managers explains some of the important aspects of filing income tax returns - what are the errors to avoid, which ITR form you should use, what are the consequences of incomplete disclosures and how to declare income from cryptos or virtual digital assets.&nbsp;&nbsp;
The income tax department has said that over 1 crore ITRs have been filed until June 26th, hitting the milestone faster than last year.&nbsp; The IT department also urged taxpayers to file their returns early and avoid a last minute rush.&nbsp;
&nbsp;
&nbsp;

The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest.
The number of ITRs filed per day is over four lakh and increasing everyday as the extended due date of December 31 is approaching, an official statement said.
The department has been issuing reminders to taxpayers through e-mails, SMS and media campaigns encouraging taxpayers to file their income tax returns without further delay.
All taxpayers who are yet to file their income tax returns for the assessment year 2021-22 are requested to file their returns at the earliest to avoid the last-minute rush, it said.
"The income tax department strongly urges all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of the TDS and tax payments and avail of pre-filling of ITRs," it said.
It is important for taxpayers to cross check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages in case of purchase and sale of equity/ mutual funds, etc, it said.
"Over 52 per cent of these ITRs are filed using the online ITR form on the portal and the balance are uploaded using the ITR created from the offline software utilities," it said.
The process of e-verification through Aadhaar OTP and other methods is important for the income tax department to commence processing of the ITR and to issue refunds if any.
It is encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar-based OTP, it said.
"In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the same day. Of the verified ITRs more than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY 2021-22 have been issued," it said.
Taxpayers are urged to ensure that the bank account selected for credit of refund must have their PAN number linked at the bank to avoid refund failures, it added.
The deadline to fiile ITR for financial year that ran from April'20 to March'21 is December 31. 

4 lakh income tax returns per day! Tax payers rush as deadline looms

Over 3 crore tax returns filed as deadline comes in closer. 

Three crore income tax returns have been filed for the financial year gone by as the deadline for December 1 looms. The finance ministry which has been reminding tax payers to adhere to final and delayed deadline said over 4 lakh&nbsp;ITRs&nbsp;are being filed daily.&nbsp;
The department has been issuing reminders to taxpayers through e-mails, SMS and media campaigns encouraging taxpayers to file their income tax returns without further delay. The finance ministry also stated that it was&nbsp; encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar-based OTP.
The deadline to fiile&nbsp;ITR&nbsp;for financial year that ran from April'20 to March'21 is December 31.&nbsp;

Over three crore income tax returns have been filed for the financial year 2020-21 so far 
<div>&nbsp;</div>

The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest.
The number of ITRs filed per day is over four lakh and increasing everyday as the extended due date of December 31 is approaching, an official statement said.
Also watch |&nbsp;ITR Filing: <a title="5 mistakes that you should avoid while filing income tax returns" href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878">5 mistakes that you should avoid while filing income tax returns</a>&nbsp;
The department has been issuing reminders to taxpayers through e-mails, SMS and media campaigns encouraging taxpayers to file their income tax returns without further delay.
All taxpayers who are yet to file their income tax returns for the assessment year 2021-22 are requested to file their returns at the earliest to avoid the last-minute rush, it said.
"The income tax department strongly urges all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of the TDS and tax payments and avail of pre-filling of ITRs," it said.
It is important for taxpayers to cross check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages in case of purchase and sale of equity/ mutual funds, etc, it said.
"Over 52 per cent of these ITRs are filed using the online ITR form on the portal and the balance are uploaded using the ITR created from the offline software utilities," it said.
The process of e-verification through Aadhaar OTP and other methods is important for the income tax department to commence processing of the ITR and to issue refunds if any.
It is encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar-based OTP, it said.
"In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the same day. Of the verified ITRs more than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY 2021-22 have been issued," it said.
Taxpayers are urged to ensure that the bank account selected for credit of refund must have their PAN number linked at the bank to avoid refund failures, it added.
The deadline to fiile&nbsp;ITR&nbsp;for financial year that ran from April'20 to March'21 is December 31.&nbsp;

As the date for filing IT returns has been postponed to December 31, taxpayers get enough time to pre validated bank account to receive their income tax refund
Here are some tasks to complete to get your Income tax refund on time:
- Tax refunds will be credited only to those bank accounts which are linked with PAN and are also pre-validated on the income tax e-filing website
- If your bank is integrated with the e-filing portal, pre-validation can be done directly through Electronic Verification Code (EVC) and net-banking route
- Before, Pre-Validating your Bank Account make sure that your PAN is linked to Bank account, the mobile number is linked to Bank account, and Name in bank account shall match the name in income-tax records.
To go further here are the steps to prevalidate your bank account for the purpose of receiving tax refunds:
Step 1: Go to the income tax e-filing website,and log in to your accountStep 2: Select Profile Settings -&gt;Prevalidate Your Bank Account optionStep 3: If you do not have any pre-validated bank account then you will get an option to add your bank account details. Enter the following bank details to pre-validate your bank account: &ndash;
Bank Account NumberBank IFSC CodeBank NameMobile NumberEmail IDNote: &ndash; You are required to enter that mobile number and email address which are registered with your bank, not the mobile number and email associated with your e-Filing login.
Step 4: After entering your bank and contact details, click on 'Prevalidate' button. You will get the acknowledgement from the Income Tax Department.
Note:&ndash; You will be only able to validate those bank accounts which have been linked using exactly same PAN number.

Income tax refund will be credited only if you complete these tasks

If you want your income tax refund to be credited in a timely fashion and without any hurdles there are few steps you have to undertake to ensure the process is smooth. 

Income Tax refunds, only if you follow these steps 

The tax payers need to link their PAN with the account and also prevalidate their bank accounts.

If you want your income tax refund to be credited in a timely fashion and without any hurdles there are few steps you have to undertake to ensure the process is smooth. EJ Biz puts together your #ToDo&nbsp;list to make sure tax refund is received by you in a timely fashion. Here are some tasks to complete to get your Income tax refund on time:
<ul>
<li>Tax refunds will be credited only to those bank accounts which are linked with PAN</li>
<li>PAN also needs to be pre-validated on the income tax e-filing website</li>
<li>If your bank is integrated with the e-filing portal, pre-validation can be done directly through Electronic Verification Code (EVC) and net-banking route</li>
<li>Before, Pre-Validating your Bank Account make sure that your PAN and mobile number is linked to the mentioned&nbsp;Bank account</li>
<li>Also ensure tat the name in bank account shall match the name in income-tax records.</li>
</ul>
To go further here are the steps to pre-validate your bank account for the purpose of receiving tax refunds:
Step 1: Go to the income tax e-filing website,and log in to your account Step 2: Select Profile Settings -&gt;Pre-validate Your Bank Account option Step 3: If you do not have any pre-validated bank account then you will get an option to add your bank account details. Enter the following bank details to pre-validate your bank account: &ndash;
<ul>
<li>Bank Account Number</li>
<li>Bank IFSC Code</li>
<li>Bank Name</li>
<li>Mobile Number</li>
<li>Email ID</li>
</ul>
Note: &ndash; You are required to enter that mobile number and email address which are registered with your bank, not the mobile number and email associated with your e-Filing login.
Step 4: After entering your bank and contact details, click on 'Prevalidate' button. You will get the acknowledgement from the Income Tax Department.
Note:&ndash; You will be only able to validate those bank accounts which have been linked using exactly same PAN number.

The government said on Thursday that the deadline for filing Income Tax returns has been extended till December 31.Usually due by the end of July, due to coronavirus&nbsp;pandemic&nbsp;the date was extended last time in May till September 30.
The Finance Ministry said in a statement that&nbsp;Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.&nbsp;The postponement&nbsp; is based on consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.&nbsp;
&nbsp;&nbsp;
"On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the &ldquo;Act&rdquo;), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the Finance Ministry said in a statement.

Deadline to file Income Tax returns extended to December 31

The government said on Thursday that the deadline for filing Income Tax returns has been extended till December 31.

The government said on Thursday that the deadline for filing Income Tax returns has been extended till December 31. Usually due by the end of July, due to coronavirus&nbsp;pandemic&nbsp;the date was extended last time in May till September 30.
Also Read <a href="https://www.editorji.com/story/paratha-gst-the-major-tax-difference-with-rotis-and-why-1631184029948" target="_blank">Paratha GST: The major tax difference with rotis and why</a>
The Finance Ministry said in a statement that&nbsp;Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.&nbsp;
The postponement&nbsp; is based on consideration of difficulties reported by the taxpayers and other stakeholders in filing of <a href="https://www.editorji.com/story/infosys-given-a-strict-deadline-of-september-15-by-fm-to-fix-tax-portal-glitches-1629778344606" target="_blank">Income Tax Returns</a> and various reports of audit for the Assessment Year 2021-22.&nbsp;
&nbsp;"On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the &ldquo;Act&rdquo;), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the Finance Ministry said in a statement.

The govt has made filing of income tax returns even easier with a new e-filing&nbsp;website Here is all you need to know about the newly launched portal&nbsp;www.incometax.gov.in.&nbsp;

A free for all tax return preparation software to be available to all tax payers to make tax filing procedure more interactive and convenient.
There is a single dashboard for multiple interactions and uploads. Follow up on pending requests can be easily done via the new portal.
&nbsp;hrough the website taxpayers will be able to update their profile to provide the details of income including salary, house property, business or profession that will be used in pre-filling their income tax returns.&nbsp;
Detailed enablement of pre-filling with salary income, interest, dividend and capital gains will be available after TDS and SFT statements are uploaded (due date is June 30th, 2021)
New call center for taxpayer assistance for prompt&nbsp;response to taxpayer queries. Detailed FAQs, User Manuals, Videos and chatbot/live agent also provided

The new tax payment system will be launched on June 18 after the advance tax instalment date, the ministry of finance said. &ldquo;The mobile app will also be released subsequent to the initial launch of the portal, to enable taxpayers to get familiar with the various features," it further added.

Income tax returns: New e-filing portal launched; here is everything you need to know

Income tax returns: New e-filing portal launched; here is everything you need to know. Please tag finance minster, income tax india

Income tax returns: New e-filing portal launched

The govt has made filing of income tax returns even easier with a new e-filing&nbsp;website Here is all you need to know about the newly launched portal&nbsp;www.incometax.gov.in.&nbsp;
<ol>
<li>A free for all tax return preparation software to be available to all tax payers to make tax filing procedure more interactive and convenient.</li>
<li>There is a single dashboard for multiple interactions and uploads. Follow up on pending requests can be easily done via the new portal.</li>
<li>Through the website taxpayers will be able to update their profile to provide the details of income including salary, house property, business or profession that will be used in pre-filling their income tax returns.&nbsp;</li>
<li>Detailed enablement of pre-filling with salary income, interest, dividend and capital gains will be available after TDS and SFT statements are uploaded (due date is June 30th, 2021)</li>
<li>New call center for taxpayer assistance for prompt&nbsp;response to taxpayer queries. Detailed FAQs, User Manuals, Videos and chatbot/live agent also provided</li>
</ol>
The new tax payment system will be launched on June 18 after the advance tax instalment date, the ministry of finance said. &ldquo;The mobile app will also be released subsequent to the initial launch of the portal, to enable taxpayers to get familiar with the various features," it further added.

The government has extended the deadline to file income tax return&nbsp;for FY'21 for individuals by two months to September 30, 2021 from the previous deadline of July 31, 2021.The Central Board of Direct Taxes also extended the tax return filing deadline for companies by a month till November 30.
The extension of time limits for certain tax compliances is being given to provide relief to taxpayers in view of the severe&nbsp;pandemic stated the CBDT&nbsp;in a statement.&nbsp;The due date for filing TDS returns and statement of financial transactions, which is due by May 31, has been extended by one month to June 30, whereas corresponding due dates for issuance of TDS certificates is also extended by one month to July 15.

Tax return filing deadline for FY21 extended 

The government has extended the deadline to file income tax return&nbsp;for by two months to September 30, 2021.

The government has extended the deadline to file income tax return&nbsp;for FY'21 for individuals by two months to September 30, 2021 from the previous deadline of July 31, 2021.The Central Board of Direct Taxes also extended the tax return filing deadline for companies by a month till November 30.
The extension of time limits for certain tax compliances is being given to provide relief to taxpayers in view of the severe&nbsp;pandemic stated the CBDT&nbsp;in a statement.&nbsp; The due date for filing TDS returns and statement of financial transactions, which is due by May 31, has been extended by one month to June 30, whereas corresponding due dates for issuance of TDS certificates is also extended by one month to July 15.

income tax returns

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