I-T Dept to refund late payment paid whereas submitting FY21 ITR on account of s/w error

The Earnings Tax Division on Wednesday mentioned it would refund the surplus curiosity and late payment paid by taxpayers on account of software program error whereas submitting ITR for 2020-21.

The final date for submitting ITR for final monetary yr has been prolonged until September 30, 2021, from July 31 to provide taxpayers compliance reduction through the pandemic.

Nevertheless, some taxpayers complained that curiosity and late payment was charged whereas filling earnings tax return (ITR) after July 31, 2021.

The division in a tweet mentioned the ITR software program was rectified on August 1 itself to take away the error on account of incorrect computation of curiosity beneath part 234A and late payment beneath part 234F of Earnings Tax Act.

“Taxpayers have been suggested to make use of the most recent model of the ITR preparation software program or file on-line. If, by any probability, somebody has already submitted the ITR with such incorrect curiosity or late payment, the identical might be accurately calculated whereas processing at CPC-ITR and the surplus quantity paid, if any, might be refunded within the regular course,” the I-T division tweeted.

Nangia & Co LLP Associate Shailesh Kumar mentioned having errors or bugs in ITR or some other e-filing utility is a standard phenomenon.

After realising the errors/ bugs, the Earnings Tax Division releases new model of such e-filing utility, eradicating the error/ bug.

“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 should be reported to the involved authorities for needed decision,” Kumar mentioned.

(Solely the headline and film of this report could have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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