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Salaried taxpayers can now file returns for AY22 by Sept 30 - The Hindu BusinessLine


Salaried taxpayers can now file returns for AY22 by Sept 30
May 20, 2021
Corporates will get one more month to file returns
Salaried income taxpayers will get two more months to file income-tax returns for AY22 (FY21). The Finance Ministry on Thursday eased dates for 14 types of compliances.
“The due date for furnishing of return of income for AY22, which is July 31 under sub-section (1) of section 139 of the Act, is extended to September 30,” a circular by the Central Board of Direct Taxes (CBDT) said.
Corporate and individual taxpayers, who are liable for tax audit, will get one more month to file returns. The circular provided the due date for furnishing of return of income for AY22 for such assessees as November 30 from the scheduled date of October 30. Similarly, the due date for furnishing of audit reports has been extended by a month to October 31. Even the last date for filing belated/revised return for all categories of taxpayers has been extend ....

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Why Income-tax Should Spare the Bakra—the Salaried Taxpayer


 
Total income tax collected from all taxpayers, including businesses, corporate, Hindu Undivided Families (HUFs), etc = Rs 8.08 lakh crore.
 
Out of the 5.53 salaried taxpayers, as many as 4.09 crore (74%) have incomes below Rs5 lakh, and another 1.04 crore (19%) have incomes between Rs5 and10 lakh. The number of tax payers with salaries above Rs 10 lakh is only 40 lakh (7%).  
 
 
No specific number is given in the I-T department report, but by applying the tax rates one can estimate that it is about Rs6,400 crore, i.e., 0.79% of the total I-T collected.
 
Here we have three-quarters of the salaried taxpayers together paying less than 1% of the total tax!  ....

Pay Commission , Why Income Tax Should Spare , Salaried Taxpayer , Hindu Undivided Families , Outward Foreign Direct Investment , செலுத்த தரகு , ஏன் வருமானம் வரி வேண்டும் உதிரி , சம்பளம் வரி செலுத்துவோர் , இந்து பிரிக்கப்படாத குடும்பங்கள் , ஔட்வர்ட் வெளிநாட்டு நேரடி முதலீடு ,