CBDT issues tax refunds of over 1.15 lakh crore to 98.9 lakh taxpayers
Business | November 10, 2021 16:15 ISTThe tax refund includes 65.31 lakh refunds of AY 2021-22 amounting to Rs 12,616.79 crore.
The tax refund includes 65.31 lakh refunds of AY 2021-22 amounting to Rs 12,616.79 crore.
The Income Tax department also said that refunds of Rs 33,548 crore have been issued in 89,53,923 cases and corporate tax refunds of Rs 78,942 crore have been issued in 1,75,692 cases.
Transaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.
The mandatory requirement of 1 percent cash payment of GST liability with effect from January 1 would be applicable to about 45,000 taxpayers, which is only 0.37 per cent of the total businesses registered in the Goods and Services Tax system, Revenue Department sources said on Saturday.
Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis.
Vijay Sardana told India TV that the traders are protesting in the name of farmers. He said only a segment of traders are facing the heat and that they are misleading in the name of farmers.
Tax officials have been directed to follow up personally with these defaulting taxpayers so that their GSTR-3B returns due for October get filed by Nov 30.
Addressing a joint press conference in the national capital on November 12, Union Finance Minister Nirmala Sitharaman spoke on income-tax refunds.
The Income Tax department has issued refunds worth over Rs 1.26 lakh crore to over 39 lakh taxpayers this fiscal so far.
Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic.
The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal.
Only third parties would report high-value transactions to the I-T department as per the Income Tax Act. Such information would be used to identify people who are not paying up due taxes, and not for examining affairs of honest taxpayers.
Prime Minister Narendra Modi last Thursday unveiled faceless tax assessment and appeals to reduce the scope for corruption and overreach by officials, signalling a major reform in the income tax system in the country. Here's an expert view on how the new tax reforms will help the middle-class.
Prime Minister Narendra Modi has launched the 'transparent taxation' platform having components — faceless appeals by taxpayers, faceless assessment of taxpayers and the Rights' Charter for the taxpayers. An in-depth look into what these tax reforms mean.
Prime Minister Narendra Modi launched a platform to honour honest taxpayers via video conferencing at 11 AM on Thursday (today). The launch of the platform for 'Transparent Taxation - Honoring the Honest' will further carry forward the journey of direct tax reforms.
Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur will also present at the launch which will be done through a video conference.
Finance Minister Nirmala Sitharaman has reserved words of praise for the Income Tax department, complementing officers for being responsive to the needs of the taxpayers during the pandemic times by relaxing various compliance requirements and addressing the liquidity concerns of the taxpayers.
The income tax department has issued refunds worth Rs 62,361 crore to over 20 lakh taxpayers between April 8 and June 30.
Delhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price.
As a measure to clean up pendency in return filing, the GST Council has reduced/waived late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020.
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