ITR | Business Upturn

ITR filings reaches record high of 6.7 crore, jumps 16%: Income Tax Department

Adesh Dixit — Wed, 02 Aug 2023 06:45:42 +0000

The Income Tax Department reported on Tuesday that the overall number of income tax returns filed in the assessment year 2023–24 reached an all-time high of more than 6.77 crore, which is 16% more than the total number of returns filed in the prior assessment year, when 5.83 crore returns were filed. According to the department, it received 53.67 lakh ITRs from first-time filers, which shows that the tax base has grown.

On the final day of filing, July 31, more than 64.33 lakh ITRs were submitted in a single day, according to the Income Tax Department.

“Social media efforts as well as focused e-mail and SMS campaigns were launched to entice taxpayers to file their ITRs ahead of schedule. When compared to the same period the year before, taxpayers filed their ITRs for AY 2023–24 significantly sooner as a consequence of these coordinated efforts, the government said in a release.

According to the income tax department, of the 6.77 crore ITRs filed for AY 2023–24, 49.18% are ITR-1s (3.33 crore), followed by ITR-2s (81.12 lakh), ITR-3s (75.40 lakh), ITR-4s (1.81 crore), ITR-5s (6.40 lakh), and ITR-7s (0.94%).

More than 46% of these returns, according to the statement, were submitted online using the ITR utility on the e-filing portal, and the other 34% were submitted using offline ITR utilities.

The department stressed the significance of using Aadhaar OTP and other forms of e-verification to process ITRs and award refunds. “It is good to see that 5.63 crore returns have been electronically verified, of which over 5.27 crore have done so (94%) using an OTP based on an Aadhaar. By the end of July 2023, more than 3.44 crore (61%) of the e-verified ITRs for the tax year 2023–24 had been completed, according to the department.

Over 1.5 crore ITR filed & 3 crore taxpayers successfully completed the registration: Infosys

News Desk — Thu, 23 Sep 2021 07:45:22 +0000

In 2019 Infosys was awarded a 4200 -crore contract to develop the new e -filing portal by replacing the old one and reduce the processing time from 63 days to one day.

The portal was launched on June 7, 2021, in the middle of peak tax season and things started declining and facing a downfall. And the portal if inaccessible then making the process smooth and become the main topic of news while the motive behind the idea of the new ID portal was to create a taxpayer-friendly portal that is easy to use and fast refunds.

The new IT portal recorded a progressive and continuous increase in the usage of taxpayers over 3 crores who have logged into the portal and successfully completed the number of transactions.

On Thursday, Company stated in a BSE filing, apart from this progressive state of the IT portal some users experience difficulties with the new IT portal which the company acknowledges and it’s working aggressively in collaboration with the Income Tax Department to increase the user experience.

Currently, the new IT portal is providing 2.5 lakh returns filing daily. Previously the form was not available for large businesses for filing ITR and Now ITR is available for all including small and large businesses. Previous issues regarding certain forms have been solved as well which includes 15G, 15H, EQ, 10A, 10B, 10lE, DTVSV, 15CA, 15CB, 35 and TDS returns which have been filed in huge numbers.

Over 11.5 lakh statutory and 8lakh TDS returns have already been filed. Services like e- pro setting response to demands and notices, e -PAN services, DSC registrations and functionality for a legal heir, around 16.6lakh e-PANs have been allotted in which 4.3 lakh DSC registration is completed and 3.44 lakh, responses 2 notices and demand have also been completed by e-proceeding.

Infosys stated that the company is determined to complete all the challenges target and working with Chartered Accountant Community to make sure that user issues are supported thoroughly tested before deployment.

IT department notified forms for exemption from I-T returns for senior citizens of 75 years and above

News Desk — Sun, 05 Sep 2021 13:56:51 +0000

The income tax department has notified declaration forms to be filed by senior residents aged 75 years and above with the banks to get exemption from submitting I-T returns for the fiscal year 2021-22. The 2021-22 Budget had added a provision for exempting senior residents of 75 years and above having pension income and interest from constant deposit in the same bank from submitting income tax returns for the financial year starting April 1.

The Central Board of Direct Taxes (CBDT) has now notified policies and declaration forms which senior residents would record with the specified bank who in turn could deduct tax on pension and interest income and deposit with the government. Such exemption from ITR submitting could be to be had simplest in the case in which the interest income is earned in the same bank in which pension is deposited.

The income-tax act requires all people having income exceeding the threshold limit to record their income-tax returns. While the threshold for senior residents (60 years or more) and super senior residents (eighty years or more) is barely better, crossing the threshold saddles one to file tax returns. Non-filing of tax return now no longer simplest draws consequences and however one additionally gets subject to a better rate of TDS.

Nangia & Co LLP Director Itesh Dodhi stated recognising the compliance burden on senior residents, this year’s budget brought in a few remedies to the senior residents above the age of 75 years. “The CBDT has notified the forms (Form 12BBA) for a declaration by the senior residents to the banks and notified the reporting requirement by the required banks. With devoted counters for senior residents in all most important banks and banks providing doorstep banking to senior citizens, this measure is expected to make existence simpler for senior residents,” Dodhi added.

In the Budget Speech 2021-22, Finance Minister Nirmala Sitharaman had stated that in the 75 years of Independence of our country, the government shall lessen the compliance burden on senior residents who’re 75 years of age and above. “For senior residents who simplest have a pension and interest income, I suggest exemption from submitting their income tax returns. The paying bank will deduct the vital tax on their income,” she had stated.

New Income Tax Return Forms: All you need to know for AY 2021-22!

Meemansa Shekhawat — Fri, 02 Apr 2021 08:34:07 +0000

While the pandemic has massively hit the lives, keeping this nefarious situation in mind, there is a wave of relief that has sprung up in order to ease the burden of the taxpayers. In comparison to the financial year 2020-21, there haven’t been any significant altercations made in the procedures of filing an ITR.

Since the financial year has begun on the April 1, 2021, the forms for filing ITR’s have been released. The assessment (AY) year for income earned in the financial year (FY) 2020-21 is 2021-22. The ITR must be filed for income earned from April 1, 2020, to March 31, 2021, in the assessment year 2021-2022, with the last date being July 31 of the relevant assessment year unless extended by the government.

According to the press release issued by the Central Board of Direct Taxes (CBDT), “Keeping in view the ongoing crisis due to the Corona pandemic and to facilitate the taxpayers, no significant change has been made to the ITR forms in comparison to the last year’s ITR forms. Only the bare minimum changes necessitated due to the amendments in the Income-tax Act, 1961 have been made,” as quoted by The Economic Times.

Here’s the related description:

ITR-1 could be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The source of income must be salaries, one house property, interest incomes, agriculture incomes, etc.
ITR-2 is for the ones who have income from capital gains/losses or have more than one house property.
ITR-3 has to be filled by the individuals who earn income through businesses or professions.
ITR-5 is not for individuals. It has to be filled by partnership firms or LLP.
ITR-6 has to be filed by artificial persons like companies, partnership firms, etc.
And, ITR-7 is in accordance with trusts, political parties, charitable institutions, etc.

Follow these steps to file online ITR complaint in just few minutes!

Nitin Anand — Thu, 01 Apr 2021 11:10:24 +0000

The Income Tax Department released circular stating that it has issued Income Tax Return (ITR) for all the taxpayers. The refunds totaling over Rs 2,13,823 crore to over 2.24 crore taxpayers between April 1st, 2020 and March 22nd, 2021.

In a tweet on March 24, Income Tax Department said, “CBDT issues refunds of over Rs. 2,13,823 crore to more than 2.24 crore taxpayers between 1st April,2020 to 22nd March,2021. Income tax refunds of Rs. 79,483 crore have been issued in 2,21,92,812 cases & corporate tax refunds of Rs. 1,34,340crore have been issued in 2,22,188 cases”.

CBDT issues refunds of over Rs. 2,13,823 crore to more than 2.24 crore taxpayers between 1st April,2020 to 22nd March,2021. Income tax refunds of Rs. 79,483 crore have been issued in 2,21,92,812 cases & corporate tax refunds of Rs. 1,34,340crore have been issued in 2,22,188 cases

— Income Tax India (@IncomeTaxIndia) March 24, 2021

Some taxpayers are still waiting for IT refunds. If you haven’t received your refund because of a discrepancy in your ITR, the first thing you should do is check your e-mail for any notification from the IT department regarding the refund.

You can also check this by logging into your account on the income tax department’s e-filing portal. The income tax refund, if eligible, is one of the things that every taxpayer who files income tax returns on a regular basis looks forward to.

However, tax refunds are not always received on time and maybe delayed for a variety of reasons. You should probably check the status of your refund online and figure out why it took so long.

How to Check the Status of Income Tax Refund?

Step 1: Visit the income tax e-filing portal Step

2: Log in with user ID, password, and date of birth/date of incorporation

Step 3: Click on the ‘My Account’ tab

Step 4: Select the ‘Refund/Demand Status’ option.

The status of your returns will be displayed, along with details such as the assessment year, payment method, and, if applicable, the reason for refund failure.

How to file a complaint on Income Tax Refund online directly?

Step 1: Log in at direct link – https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/ORM.html

Step 2: Enter your name, PAN details, Assessment Year, etc.

Step 3: Write your query in the description box

Step 4: You can select the social media type and enter the ID

Step 5: Enter CAPTCHA

Step 6: Click on the ‘Submit’ button Your ITR refund grievance will get registered online.

ITR filing 2019-20: Documents required to file income tax returns

Pravin Suryawanshi — Thu, 03 Sep 2020 07:45:36 +0000

It is that time of the year again. The time to file your income tax return. Though there is enough time this year, but it is better to do it early than to knock on your wealth manager’s door to get it done on the deadline.

Every salaried person whether falling under the tax slab or not must file an income tax return (ITR). Alternatively, ITR is a necessary document for people seeking a home loan or a car loan.

This means it becomes very important to file ITR carefully so that it doesn’t get rejected. And more so, to avoid penalties.

Even if you don’t plan to file returns right now, then it would be wise to collect all necessary documents.

Here are the documents that will be required to file ITR:

– Form 16: For filing the ITR, form 16 is the most important document for all salaried individuals. It is a certificate issued by employers detailing the tax deducted at the source and it also carries the details of the salary paid to the employee and their TDS.

Every employer is liable to issue Form 16 to all its employees from whom income tax has deducted from their salaries. It is a mandatory document.

Form 16 consists of 2 parts ‘Part A’ and ‘Part B’. Part A is the portion that consists of the income tax deducted by the employer in the financial year. It has the Permanent Account Number (PAN) details of the employee and the Tax Deduction Account Number (TAN) of the employer. Part B of Form 16 includes the break-up information of the employee’s gross salary.

– Form 26AS: Income Tax Department generates an annual consolidated tax statement which is known as ‘Form 26AS’. Using PAN, all taxpayers can easily access it from the income-tax website. It contains the amount of the TDS of the salaried class and taxes paid during the financial year (in case of self-employed or businessmen).

Taxpayers can refer to their Form 26AS and tally it with their Form 16 for the amount of taxes they paid to the treasury of the central government while filing the ITR.

Improved ‘Form 26AS’ introduced by the government last month. It carries details in various categories of an individual’s financial transactions specified in the Statement of Financial Transactions (SFTs).

Tax Saving Investments: An individual has to submit the proof of the same directly to the Income Tax (I-T) Department for claiming tax deductions if they fail to submit their tax-saving investments to their employers during the stated period in the previous financial year.

These include receipt of life insurance (LIC) premium paid, receipt of medical insurance, Public Provident Fund (PPF) passbook, 5-year FD receipts, mutual funds investment (ELSS), home loan repayment certificate/statement, donation paid receipt, tuition fee paid receipt, etc.

– Certificates related to interest income: An individual gets income from various interest investments such as savings to account deposits and fixed deposits from banks and post offices apart from the income from salary. Interest certificates/bank statements are provided to depositors for the same by these financial institutions.

Under section 80TTA of the Income Tax Act, an individual can claim deduction up to Rs 10,000 on the interest earned from their savings account held with a bank/post office.