SOME IMPORTANT INSIGHTS FOR THE BENEFIT OF READERS: FROM THE NEW PORTAL OF INCOME TAX RETURN E-FILING, INDIA

SOME IMPORTANT INSIGHTS FOR 
THE BENEFIT OF READERS:
FROM THE NEW PORTAL OF 
INCOME TAX RETURN E-FILING, INDIA


As reported in Media vociferously, after a long drawn struggle between the Indian Finance Ministry and Infosys Technologies (the software developers and handlers for it), finally the New E-Filing Portal has settled quite largely for the Indian Citizens to file the Income Tax Returns with the present last date being 31-Dec-2021 for the present Assessment Year 2021-22. I am mentioning some insights from it for the benefit of the my Readers Community :


1.      The New Portal handling is not the job of ordinary persons who are not reasonably technology-used, it requires some diligence and practice and comprehending ability to handle and do e-filing of IT-Returns. Very High Tech.


2.         In the new portal, the On-Line filing module is easier to handle than the Off-line module.


3.        The New Portal has locked the only-Salaried Persons (who get Form-16 of ITDS u/s 194 of IT Act ) to ITR-1 by prefilling the data from the Form -16 of ITDS issued by the employer. Earlier the professionals who used to work (like software industry or others) as a kind of consultants, but TDS deducted u/s 194 of IT Act, were still able to file ITR-4 by presumptive income, will not be able to file ITR-4 in the new portal and they will be locked to file ITR-1 only; unless they have further income from Business and Profession; it they(the employees) have only salary/professional fees and ITDS done by the employer u/s 194. Some monetary amount will have to go as taxes, can not be saved that was possible as presumptive income and by filing ITR-4 earlier for such professionals.


4.        The ITR-4 can be filed only if your ITDS has been done by your employer u/s 194J of the IT Act. Please take note of this catch between the ITDS u/s 194 and u/s 194J.


5.      The GST Registered persons must show all their Outward supplies ( they would have filed in GST Form 3Bs for the whole year) during the year. Even if your Form 26AS you can download from the new portal, while it might be showing few or less entries that have been picked up from GST Portal, please stick to showing all your GST 3B submissions in Gross Receipts. Otherwise, you may get notices for discrepancy, for hiding of income and get into Income Tax Litigation, better to avoid. Please note that the GST Network (GSTN) and New IT Portal are supposed to be fully integrated with each other ( since as per the media reports and market information, it is Infosys which handles GSTN and New Portal of IT Department).


6.     If you learn the New Portal online filing with some slugging, you will enjoy filing your IT-Return through it. It has facilities of making draft ITRs many times as you want, that you should use to practice and learn the new portal.


7.      The New Portal as far as my understanding goes is using the Modern Data Analytics and Artificial Intelligence Technologies in some way. This information is not authentic, please don't ask me to verify or authenticate, that is the IT Dept's or Infosys job, not mine. Better to be careful from those angles.


8.        Mentioned these few things so that my Alumni Friends do not get into the trap and do not get into Income Tax Notices and Litigations with IT Department, that are very cumbersome to handle.

                        

Please do take it in your benefit and do not accuse me for saying in your benefit, at my cost. If it is not relevant for you, you may kindly ignore it without applying your judgement into it, better not to prejudge in any way. Let those who find useful, benefit out of this note and I shall be grateful that they found it to be useful.


About the Author : Dr. Nimain Charan  Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and Ph.D.(Management Area ) by qualifications and he has 36 years of work experience in both  industrial and development sectors in diversified fields of social importance. He has been educated at Orissa University of Agriculture and Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and Gujarat University (with Resource Support of IIM-Ahmedabad). Dr. Biswal is further educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar Inc., USA. He has worked for reputed National and International Organizations in Senior/Top Management Capacities at Board level as well as Managing Director and CEO. He is a management expert covering extensive areas from management in agriculture, industrial management, development management to management of public systems. He is a prominent professional of India and known Internationally as well. He lives at Mumbai in India.

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