NEW DELHI: Pressure from taxpayers and experts may have prompted the federal government to increase the time limit for filing annual income tax returns however legitimate knowledge confirmed that as much as late last week, returns filed for the last monetary yr had more than doubled to nearly 3 crore, with processing of refunds too protecting pace with the higher filings.
The selection of refund instances cleared up to now has long gone up by means of over 81 per cent to 65 lakh, knowledge accessed by means of TOI confirmed. Sources said the refund quantity cleared as much as Thursday was once almost 35 per cent higher at around Rs 77,700 crore in comparison to the corresponding period last yr once they added as much as Rs 57,551 crore.
The new machine of processing returns has helped the federal government and taxpayers close instances previous with the NDA govt also ensuring that refunds aren't held up, a common criticism.
Nearly 60 per cent of the returns that have been electronically filed this yr have already been processed, assets said.
The govt is focused on an building up in go back filing by means of folks and is looking to add 1.25 crore new taxpayers this yr on the back of an addition of 1.06 crore new filers last yr. Officials instructed that the spurt in filing was once as a result of folks looking to beat the unique filing time limit of July 31, when there is a bunching up. Compliance is noticed to be higher as the federal government has made up our minds to levy a late filing fee for any go back filed after the point in time. A high-quality will not have to be paid for filing as much as August 31, the brand new time limit.
Up to Thursday, 3.07 crore e-returns have been filed, which ws an 82 per cent building up over the 1.7 crore returns that had been filed as much as July 26, 2017. During period, returns for monetary yr 2017-18 had been 2.96 crore, in comparison to 1.four crore a yr ago when returns needed to be filed for monetary yr 2016-17.
The tax department is looking to seriously make bigger the tax base and is tapping multiple data assets - from property registration to high-value purchases - to track those that have both now not filed returns or aren't disclosing their actual income. Once the returns are filed, the federal government will match them with the guidelines it's receiving from property registrars around the nation in addition to jewellers, automobile sellers and high-end watch dealers, amongst others to tally the returns.
The selection of refund instances cleared up to now has long gone up by means of over 81 per cent to 65 lakh, knowledge accessed by means of TOI confirmed. Sources said the refund quantity cleared as much as Thursday was once almost 35 per cent higher at around Rs 77,700 crore in comparison to the corresponding period last yr once they added as much as Rs 57,551 crore.
The new machine of processing returns has helped the federal government and taxpayers close instances previous with the NDA govt also ensuring that refunds aren't held up, a common criticism.
Nearly 60 per cent of the returns that have been electronically filed this yr have already been processed, assets said.
The govt is focused on an building up in go back filing by means of folks and is looking to add 1.25 crore new taxpayers this yr on the back of an addition of 1.06 crore new filers last yr. Officials instructed that the spurt in filing was once as a result of folks looking to beat the unique filing time limit of July 31, when there is a bunching up. Compliance is noticed to be higher as the federal government has made up our minds to levy a late filing fee for any go back filed after the point in time. A high-quality will not have to be paid for filing as much as August 31, the brand new time limit.
Up to Thursday, 3.07 crore e-returns have been filed, which ws an 82 per cent building up over the 1.7 crore returns that had been filed as much as July 26, 2017. During period, returns for monetary yr 2017-18 had been 2.96 crore, in comparison to 1.four crore a yr ago when returns needed to be filed for monetary yr 2016-17.
The tax department is looking to seriously make bigger the tax base and is tapping multiple data assets - from property registration to high-value purchases - to track those that have both now not filed returns or aren't disclosing their actual income. Once the returns are filed, the federal government will match them with the guidelines it's receiving from property registrars around the nation in addition to jewellers, automobile sellers and high-end watch dealers, amongst others to tally the returns.
Income tax return filings double, refunds up by 80%
![Income tax return filings double, refunds up by 80%]()
Reviewed by Kailash
on
July 30, 2018
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