Skip to main content

Income tax New Portal Updates

The Income Tax Department is launching its new e-filing portal http://www.incometax.gov.in on 7th June, 2021. 




The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. Some of the highlights of the new portal are detailed hereunder:

  • New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;
  • All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;
  • Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with; Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly;
  • Taxpayers will be able to proactively update their profile to provide certain details of income including salary, house property, business/profession which will be used in pre-filling their ITR. 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 response to taxpayer queries. Detailed FAQs, User Manuals, Videos and chatbot/live agent also provided;
  • Functionalities for filing Income Tax Forms, Add tax professionals, Submit responses to Notices in Faceless Scrutiny or Appeals would be available.

It is clarified that the new tax payment system will be launched on June 18th, 2021 after the advance tax instalment date to avoid any taxpayer inconvenience. 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. 

Familiarization with the new system may take some time, so, the Department requests the patience of all taxpayers/stakeholders for the initial period after the launch of the new portal and while other functionalities get released since this is a major transition. This is another initiative by CBDT towards providing ease of compliance to its taxpayers and other stakeholders.

Thanks and regards 

CA Shivam Gupta 

Contact number : +91- 8218368465, 9634064288

You can write to us at shivamgupta.ca.bly@gmail.com

Visit us on Https://www.shivamguptaassociates.com

Comments

Popular posts from this blog

Expected Changes in Income Tax and GST from the Indian Budget 2025

  Background :- The Union Budget 2025, which is set to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is highly anticipated, as it will address the pressing economic issues and outline the government’s fiscal strategy for the upcoming year. Given the current economic landscape, which includes post-pandemic recovery, inflation control, and a rising global economic shift, many expect significant reforms in both Income Tax and Goods and Services Tax (GST) structures. This article explores the anticipated changes in these two critical areas, which affect both individual taxpayers and businesses in India. India’s Growth in GDP has declined from last year growth percentage of 7-8% to 5-6% per annum. While for us to become Developed Nation, it is very important to achieve at least 10-12% growth rate per year. For achieving Such growth rate it is important that people have disposable income. The very Basic concept of taxation is Taking From Rich and Giving ...

GST council Meeting outcomes summary

 🌺 *Summary of Outcomes from the 54th GST Council.*   🍎 *1. Rates Reduced* 👉 *1.1 Namkeens* and Extruded/Expanded Savoury Food Products: GST rate reduced *from 18% to 12%* for certain savoury food products. 👉 *1.2 Cancer Drugs*: GST rate reduced from 12% to 5% on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. 🍎 *2. Rates Increased* 👉 *Car and Motorcycle Seats*: GST rate increased *from 18% to 28%* on car seats to bring parity with motorcycle seats. 🫐 *3. New Section to be Inserted* 👉 *Section 128A of CGST Act, 2017*: Introduction of procedures for waiver of interest or penalty under section 73 for FYs 2017-18, 2018-19, and 2019-20. 🍒 *4. New Rule to be Inserted* 👉 *Rule 164 in CGST Rules, 2017*: Provides procedure and conditions for waiver of interest or penalty under section 128A of CGST Act, 2017. 🍋‍🟩 *5. Clarifications* 👉 *5.1 Roof Mounted Package Unit (RMPU)* Air Conditioning Machines for Railways: Classified under *HSN 8415 with 28%* GST. 👉 *5.2 Life a...

E-INVOICE UNDER GST

  The Rise of E-Invoicing: Streamlining Business Transactions Introduction In today's digital era, businesses are constantly seeking ways to enhance efficiency and optimize their operations. One significant development that has transformed the way companies handle invoicing processes is the advent of electronic invoicing, commonly known as e-invoicing. E-invoicing refers to the digital generation, exchange, and processing of invoices between suppliers and buyers. This article explores the benefits, implementation, and future prospects of e-invoicing in streamlining business transactions.   Streamlining Processes and Enhancing Efficiency Traditional paper-based invoicing involves manual entry, physical storage, and handling of invoices, which can be time-consuming and prone to errors. E-invoicing eliminates these challenges by automating the entire invoicing process, from invoice creation to payment settlement. By digitizing invoices, businesses can significantly redu...