Income Tax Return: The Income Tax Department has given big relief to those filing income tax returns. The last date for filing returns of the department has been extended till 30th November. However, this exemption has not been given to common taxpayers. This exemption has been made only for companies filing income tax returns and submitting audit reports. The central government had earlier fixed October 31 as the date for this. The Finance Ministry said in a statement that the deadline for filing income tax return in Form ITR-7 for the assessment year 2023-24 has been extended from October 31, 2023 to November 30, 2023. It is being told that this has provided relief to hundreds of companies and start ups.
Income Tax Department website launched in new look with more features
Income Tax Department launched its website with a new look and feel with a user-friendly interface, improved features and new modules. The new website was launched by Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta at a ‘Chintan Shivir’ organized by the Directorate of Income Tax (System) in Udaipur. CBDT said in a statement that to improve the experience of taxpayers and keep pace with new technology, the Income Tax Department has redesigned its national website with a user-friendly interface, better features and new modules. The new website has been redesigned with a mobile-friendly layout. The website also has a ‘Mega Menu’ for new features and content.
Direct tax collection increases by 23.51 percent to Rs 8.65 lakh crore
In the current financial year, till mid-September, net direct tax collection has increased by 23.51 percent to Rs 8.65 lakh crore. Giving this information on Monday, the Finance Ministry said that due to more advance tax payment by the companies, there has been a significant increase in direct tax collection. Net direct tax collections of Rs 8,65,117 crore till September 16 include corporate income tax (CIT) of Rs 4,16,217 crore and personal income tax (PIT) of Rs 4,47,291 crore, the ministry said in a statement. Is included. According to the statement, the net direct tax collection for the current financial year till September 16 has increased by more than 23.51 percent. In the current financial year, till mid-September, advance tax collection increased by 21 percent to Rs 3.55 lakh crore, which was Rs 2.94 lakh crore in the same period of the last financial year. Advance tax collection till September 16 stood at Rs 3.55 lakh crore, of which CIT was Rs 2.80 lakh crore and PIT was Rs 74,858 crore. During the period under review, the Income Tax Department has issued refunds of about Rs 1.22 lakh crore. The ministry said that overall direct tax collection for the financial year 2023-24 has increased by 18.29 percent to Rs 9.87 lakh crore, which was Rs 8.34 lakh crore in the same period of the previous financial year.
Income Tax Department launches e-advance ruling in Delhi, Mumbai
The Income Tax Department said that Advance Ruling Boards have been started in Delhi and Mumbai. These boards will work through email based processes and conduct hearings through video conference. The Central Board of Direct Taxes (CBDT) had constituted three boards for advance ruling in September, 2021. Along with this, the scheme of e-Advance Ruling was started to make the entire process of advance ruling more efficient, transparent and accountable with minimum direct physical intervention. CBDT said in a statement that the operation of Advance Ruling Board has started in Delhi and Mumbai. These boards have started working through e-mail-based processes and holding hearings through video conferencing.