NEW DELHI: The Income Tax division on Monday sought to justify a pointy 6.6 lakh drop within the choice of I-T returns filed on-line all the way through 2018-19 saying the quantity shown on its e-filing website for the monetary year integrated returns of earlier fiscal years.
While the tax division's e-filing website showed returns filed in 2018-19 fell to six.68 crore from 6.74 crore within the earlier fiscal, the Central Board of Direct Taxes (CBDT) in a observation clarified that the returns filed integrated the ones of earlier review years, apart from which returns filed in 2018-19 showed an almost 19 in line with cent upward thrust.
But the tax division had prior to now taken returns filed in a fiscal year as a composite quantity to turn a year-on-year build up.
The ultimate such observation via the dept had come on April 2, 2018, declaring the choice of ITRs filed in 2017-18, and it didn't factor a observation this year on returns filed in 2018-19.
The CBDT in its observation on Monday said the 6.74 crore income tax returns filed within the 2017-18 fiscal integrated five.47 crore income tax returns (ITRs) for review year (AY) 2017-18.
"In comparison, during FY 2018-19, a total of 6.68 crore ITRs were e-filed which included 6.49 crore ITRs of current AY 2018-19, marking an increase of almost 19 per cent," it said in a observation.
Financial year (FY) and review year in income tax regulations are different.
From an income tax viewpoint, FY is the year in which income is earned. AY is the year following the monetary year in which the taxpayer has to evaluate the former year's income and pay taxes on it.
For instance, if the monetary year runs from April 1, 2018, to March 31, 2019, then it is known as FY2018-19. The review year for the cash earned all the way through this period would begin after the monetary year ends – that is from April 1, 2019 to March 31, 2020. Hence, the review year can be AY 2019-20.
The CBDT said that all the way through 2017-18, with the exception of the returns for fiscal 2016-17 (AY 2017-18), nearly 1.21 crore ITRs had been filed for fiscal 2015-16 (AY 2016-17). The stability choice of ITRs filed for AY 2015-16 and prior AYs is 0.06 crore.
In comparison, all the way through 2018-19 best 0.14 crore ITRs for fiscal 2016-17 (AY 2017-18) had been filed.
"Thus, the apparent lower within the choice of ITRs filed all the way through FY 2018-19 pertaining to earlier years was once because of an modification in segment 139(five) of the Income-tax Act, 1961 brought in vide Finance Act, 2017, w.e.f. April 1, 2018, which mandated that a revised return might be furnished best upto the tip of the relevant review year.
"As a end result, best 0.14 crore ITRs pertaining to AY 2017-18 had been filed all the way through 2018-19 as these had been the revised ITRs for the relevant AY which might best be filed because of trade in law and no different ITR of any earlier AY might be filed in view of the amended provisions of law," the CBDT said.
The I-T division additional said that the choice of paper ITRs for AY 2017-18 was once best nine.2 lakh (1.five in line with cent of general ITRs filed) and the choice of paper ITRs for AY 2018-19 is four.8 lakh (0.6 in line with cent of general ITRs filed).
It is obvious that most of the taxpayers have incessantly switched to e-filing which is clear from the dwindling numbers of paper returns filed for AY 2018-19 in comparison to earlier years, the CBDT added.
While the tax division's e-filing website showed returns filed in 2018-19 fell to six.68 crore from 6.74 crore within the earlier fiscal, the Central Board of Direct Taxes (CBDT) in a observation clarified that the returns filed integrated the ones of earlier review years, apart from which returns filed in 2018-19 showed an almost 19 in line with cent upward thrust.
But the tax division had prior to now taken returns filed in a fiscal year as a composite quantity to turn a year-on-year build up.
The ultimate such observation via the dept had come on April 2, 2018, declaring the choice of ITRs filed in 2017-18, and it didn't factor a observation this year on returns filed in 2018-19.
The CBDT in its observation on Monday said the 6.74 crore income tax returns filed within the 2017-18 fiscal integrated five.47 crore income tax returns (ITRs) for review year (AY) 2017-18.
"In comparison, during FY 2018-19, a total of 6.68 crore ITRs were e-filed which included 6.49 crore ITRs of current AY 2018-19, marking an increase of almost 19 per cent," it said in a observation.
Financial year (FY) and review year in income tax regulations are different.
From an income tax viewpoint, FY is the year in which income is earned. AY is the year following the monetary year in which the taxpayer has to evaluate the former year's income and pay taxes on it.
For instance, if the monetary year runs from April 1, 2018, to March 31, 2019, then it is known as FY2018-19. The review year for the cash earned all the way through this period would begin after the monetary year ends – that is from April 1, 2019 to March 31, 2020. Hence, the review year can be AY 2019-20.
The CBDT said that all the way through 2017-18, with the exception of the returns for fiscal 2016-17 (AY 2017-18), nearly 1.21 crore ITRs had been filed for fiscal 2015-16 (AY 2016-17). The stability choice of ITRs filed for AY 2015-16 and prior AYs is 0.06 crore.
In comparison, all the way through 2018-19 best 0.14 crore ITRs for fiscal 2016-17 (AY 2017-18) had been filed.
"Thus, the apparent lower within the choice of ITRs filed all the way through FY 2018-19 pertaining to earlier years was once because of an modification in segment 139(five) of the Income-tax Act, 1961 brought in vide Finance Act, 2017, w.e.f. April 1, 2018, which mandated that a revised return might be furnished best upto the tip of the relevant review year.
"As a end result, best 0.14 crore ITRs pertaining to AY 2017-18 had been filed all the way through 2018-19 as these had been the revised ITRs for the relevant AY which might best be filed because of trade in law and no different ITR of any earlier AY might be filed in view of the amended provisions of law," the CBDT said.
The I-T division additional said that the choice of paper ITRs for AY 2017-18 was once best nine.2 lakh (1.five in line with cent of general ITRs filed) and the choice of paper ITRs for AY 2018-19 is four.8 lakh (0.6 in line with cent of general ITRs filed).
It is obvious that most of the taxpayers have incessantly switched to e-filing which is clear from the dwindling numbers of paper returns filed for AY 2018-19 in comparison to earlier years, the CBDT added.
Fall in returns due to past AY's filings: I-T dept
![Fall in returns due to past AY's filings: I-T dept]()
Reviewed by Kailash
on
May 06, 2019
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