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The Earnings Tax (I-T) Division on Wednesday mentioned it should refund the surplus curiosity and late price collected from taxpayers whereas submitting their earnings tax returns (ITR) for monetary yr 2020-21.
Responding to a information report saying that many taxpayers have been charged late price whereas submitting ITR regardless of the final date for it being prolonged, the I-T Division mentioned on Twitter, “The ITR software program was rectified on 1st Aug 2021 itself to take away the error because of incorrect computation of curiosity u/s 234A and late price u/s 234F. Taxpayers have been suggested to make use of the most recent model of the ITR preparation software program or file on-line.”
The I-T division had prolonged the final date for submitting ITR for final monetary yr to September 30, 2021, from July 31 to offer aid to taxpayers in the course of the pandemic.
“If, by any likelihood, somebody has already submitted the ITR with such incorrect curiosity or late price, the identical will likely be appropriately calculated whereas processing at CPC-ITR and the surplus quantity paid, if any, will likely be refunded within the regular course,” the I-T division mentioned in one other tweet.
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Nangia & Co LLP Companion Shailesh Kumar mentioned it is not uncommon to have errors or bugs in ITR or another e-filing utility. After realising the errors/ bugs, the I-T Division releases new model of such e-filing utility, eradicating the error.
“Thus, taxpayers are all the time suggested to test the most recent e-filing utility, whereas submitting their ITR. If any errors are nonetheless discovered, then it have to be reported to the involved authorities for vital decision,” he informed information company PTI.
The Central Board of Direct Taxes (CBDT) had launched a brand new earnings tax e-filing portal in June. Nevertheless, the brand new portal had a rocky begin from the day of its roll-out because it continued to face technical glitches. This prompted Finance Minister Nirmala Sitharaman to convene a gathering on June 22 with the executives of Infosys, which developed the brand new portal.
Final month, Infosys CEO and MD Salil Parekh mentioned the corporate was targeted on expeditiously resolving the problems with the brand new portal. He mentioned a number of functionalities of the portal have been working superb and numerous ITRs had been filed by way of it.
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