Income Tax Return: Things To Keep In Mind While Filing IT Return For FY21

Income Tax Return: ITD has launched its new e-filing portal on 7th June to make the return filing process faster and easier. It is mandatory to give information if you have withdrawn funds from EPF.

प्रधानमंत्री गरीब कल्याण योजना के तहत अघोषित आय के खुलासे का आज आखिरी मौका है.

The Income Tax Department has launched its new e-filing portal (www.incometax.gov.in) on June 7 under its Project CPC 2.0. This portal has been started to make the process of filing returns faster and easier for the income tax payers. The Income Tax Department may soon launch a mobile app, which will have all the features available on the new portal.

The Income Tax Department has already announced that it has extended the last date for filing income tax returns to 30 September. You can easily file your return by visiting this new portal. Let us know some things to keep in mind while filing the income tax return this year. 

The changes 

Income Tax Department has introduced a new facility named JSON to file ITR forms for the new financial year 2021. Currently, only tax return forms ITR 1, 2 and 4 have been issued. These forms can be easily refilled by taking data from the e-filing portal. This includes your personal information, salary income, capital gains and all the information contained in Form 26AS. 

A new concessional tax facility has also been included from the financial year 2021. Under this, the taxpayer will get the option to choose between the old tax regime and the new tax regime before filing the return. If you are filing ITR, keep in mind that the money withdrawn from EPF has to be shown while filing the return.

While filing ITR, also give details of money withdrawn from EPF 

Due to the Covid-19 pandemic, several exemptions were given by the government this year regarding EPF fund withdrawal. These also include exemptions like withdrawal of 3 months advance. Although this money withdrawn from EPF comes under the purview of tax exemption, you still need to show its details while filing ITR. 

The financial assistance received from the government as part of the Covid-19 aid would be exempted from income tax. Keep in mind that it should be shown in the Exempt List while filing the ITR Failure to do so may result in a tax notice.