Check out these main changes announced by the government this year

End of the tax return filing deadline: The deadline for filing the income tax return (RTI) for the 2020-21 fiscal year or 2021-22 tax year without penalty will end on Friday and taxpayers are advised to file it before the due date. In this regard, the Income Tax Department has reminded taxpayers by e-mail, text message not to wait until the last minute and to file their tax returns without delay.Read also – Income tax return: what happens if taxpayers do not file an ITR on time | Explain

However, taxpayers who have not filed their ITRs for YY 2021-22 should take note of the major changes announced by the income tax department that are important when filing the ITRs. Also read – Income tax return: major relief by the income tax service, offers a unique relaxation

In the meantime, taxpayers should know that more than 4.67 crore of income tax returns (ITRs) have been filed on the new e-filing portal through December 27, 2021. Read also – ITR 2021: List of documents required to file an income tax return

Annual Information Return (AIR): The income tax department introduced an annual financial transaction information return (AIR) this year to collect details of high value transactions. With this facility, tax officials will easily be able to detect transactions of unusually high value according to the AIR statement during a fiscal year.

Quarterly breakdown of ITR: The Income Tax Service has introduced another feature called Quarterly RTI Breakdown that easily speeds up the calculation of interest payable under Section 234C for default of withholding tax. Notably, the department changed the form that now allows individual taxpayers to file returns in RTI-1 to provide a quarterly breakdown of dividend income earned during the year.

Modification of rule 12 with ITR-1 and ITR-4: The Income Tax Service amended rule 12 with ITR-1 and ITR-4, and now assessors for tax deductions for ESOPs awarded by start-ups under of article 80-IAC, will not be eligible to provide the income statement in ITR-1 and ITR-4.

Increased tax audit limit: The income tax department, in accordance with the 2020 finance law, increased the cap from Rs 1 crore to Rs 5 crore, then later the 2021 finance law increased it to Rs 10 crore. Likewise, the IT department also made changes to the RTI forms notified for tax year 2021-2022 in order to increase the threshold limit for a tax audit.