Income Tax

[Sushubh]

lol. does income tax portal even tell you how much actual refund was refunded excluding interest? or are folks supposed to calculate interest on refund manually using 0.5% per month simple interest formula?

 

[Sushubh]

looks like found the data in intimation order file which is password protected.

 

[Sushubh]

I-T returns filed for income above Rs 1 crore up 49.4% from FY19 level

In comparison with 2019-20, the number of income tax returns filed for 2022-23 rose by 41.5 per cent for tax filers with income above Rs 1 crore, whereas those in the income bracket of up to Rs 5 lakh registered an increase of just 0.6 per cent.

indianexpress.com

 

[Sushubh]

Number of Income Tax payers down 60% since FY20

India's I-T returns filers increasing, but FY23 numbers lower than FY20. 70% of FY23 returns were zero tax, compared to 45% in FY20. Punjab, Delhi, Goa have highest proportion of ITR filers. Pandemic, exemptions, PAN-bank linking, visa processing may be factors.

www.thehindubusinessline.com

 

[Sushubh]

Source

 

[Sushubh]

Income Tax: Income Tax lens on Google, Amazon & Apple for likely Rs 5,000 crore demand - The Economic Times

The nub of the matter is the methodology followed in TP adjustments, resulting in what the department views as possible tax liabilities. The issue pertains to various assessment years, and is currently at different stages of investigation and litigation at several forums.

economictimes.indiatimes.com

 

[Sushubh]

Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered - Times of India

India Business News: What is Discard IT return option? As the name suggests, the new option allows an income tax payer to “discard” their IT return, instead of filing a re

timesofindia.indiatimes.com

 

[Tejas01]

And people are still wondering why is our tax system still complicated.

 

[Sushubh]

When filing ITR for the fiscal year 2023-24 (assessment year 2024-25), individuals will need to specifically select the old tax regime if they choose to opt for it. In the online ITR form, they will be required to 'opt-out' from the new tax regime, which has been made the default tax regime by Budget 2023.

ITR-1, ITR-4: New ITR forms for income tax return filing FY24 notified by CBDT - Times of India

India Business News: ITR-1, ITR-4 FY24: The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms ITR-1 and ITR-4 for the fiscal year 2023-24

timesofindia.indiatimes.com

 

[Sushubh]

6 month jail term for Delhi woman for failing to file ITR on Rs2 crore income

A Delhi Court recently sentenced a woman, identified as Savitri, to six months in jail for failing to file an income tax return (ITR) on an income of Rs two crore for the financial year 2013-14.

www.moneylife.in