‘Hard working’ of Modi government gets success!
Tuesday - July 31, 2018 12:42 pm ,
Category : WTN SPECIAL
Income tax returns filing becomes double compared to last year
JULY 31 (WTN) - Trend is increasing gradually to fill the income tax returns in India. According to the information, income tax return filing almost has been doubled this time. As you know, the government has extended the last date for filing income tax returns this year 31 August 2018. While the last date for filing returns has not yet arrived, it has so far received more than two times more returns than the previous financial year.
According to information received from the media, 81 percent of the refund cases have been settled this time. Nearly 65 lakh such cases were pending. This time the government has given a refund of Rs.77,000 crore. Last year it was just Rs.57,551 crore. It is believed that the new system of returning process has made easy to both the government and the ITR filing person.
According to the information, about 60 percent of the cases, filed electronically this year, have been processed. This time, the government is targeting to increase 1.25 million new tax payers. That is why the government is emphasizing on increasing the personal ITR filing this time.
As you know, from this year, there is also a penalty for delayed filing of ITR. But if you are a personal tax payer, then now by filing returns by August 31, the penalty will not be imposed. For delayed filing of returns, there would be penalty up to Rs.10,000.
According to information received from the media, till last Thursday, about 3.07 crore e-returns were filed. Last year till July 26, only 1.7 crore returns were filed. According to the latest information, about 2.96 crore returns have been filed so far, compared to 1.4 million last year.
JULY 31 (WTN) - Trend is increasing gradually to fill the income tax returns in India. According to the information, income tax return filing almost has been doubled this time. As you know, the government has extended the last date for filing income tax returns this year 31 August 2018. While the last date for filing returns has not yet arrived, it has so far received more than two times more returns than the previous financial year.
According to information received from the media, 81 percent of the refund cases have been settled this time. Nearly 65 lakh such cases were pending. This time the government has given a refund of Rs.77,000 crore. Last year it was just Rs.57,551 crore. It is believed that the new system of returning process has made easy to both the government and the ITR filing person.
According to the information, about 60 percent of the cases, filed electronically this year, have been processed. This time, the government is targeting to increase 1.25 million new tax payers. That is why the government is emphasizing on increasing the personal ITR filing this time.
As you know, from this year, there is also a penalty for delayed filing of ITR. But if you are a personal tax payer, then now by filing returns by August 31, the penalty will not be imposed. For delayed filing of returns, there would be penalty up to Rs.10,000.
According to information received from the media, till last Thursday, about 3.07 crore e-returns were filed. Last year till July 26, only 1.7 crore returns were filed. According to the latest information, about 2.96 crore returns have been filed so far, compared to 1.4 million last year.
