Taxation

E-documenting of Income Tax Returns enlists an expansion of 19%

There have been some incorrect reports in media relating to decreasing in quantities of Income Tax Returns (ITR) re-recorded amid Financial Year(F.Y.) 2018-19 when contrasted with F.Y. 2017-18. This is truthfully false, on the grounds that the figures for F.Y. 2017-18 and F.Y. 2018-19 are not legitimately practically identical. It is expressed that amid F.Y. 2017-18, out of an aggregate of 6.74 crore ITRs which were re-documented, 5.47 crore ITRs were petitioned for Assessment Year (A.Y.) 2017-18 (the present year). In the examination, amid F.Y. 2018-19, a sum of 6.68 crores ITRs was e-filed which included 6.49 crore ITRs of current A.Y. 2018-19 denoting an expansion of practically 19%. This would infer that considerably bigger number of citizens recorded their ITRs electronically in the F.Y. 2018-19 when contrasted with F.Y. 2017-18. Moreover, amid F.Y. 2017-18, aside from the profits for the A.Y. 2017-18, about 1.21 crore ITRs were petitioned for A.Y. 2016-17. The equalization number of ITRs petitioned for A.Y. 2015-16 and earlier A.Ys is 0.06 crore.

There have been some incorrect reports in media relating to decreasing in quantities of Income Tax Returns (ITR) re-recorded amid Financial Year(F.Y.) 2018-19 when contrasted with F.Y. 2017-18.

In correlation, amid F.Y. 2018-19 just 0.14 crore ITRs for A.Y. 2017-18 were documented. Subsequently, the obvious diminishing in the quantity of ITRs documented amid F.Y. 2018-19 relating to prior years was because of a change in Section 139(5) of the Income-charge Act, 1961 got vide Finance Act, 2017, w.e.f. 01.04.2018, which commanded that a modified return could be outfitted just upto the finish of the applicable Assessment Year. Accordingly, just 0.14 crore ITRs relating to A.Y. 2017-18 were recorded amid F.Y. 2018-19 as these were the modified ITRs for the important A.Y. which must be recorded because of progress in law and no other ITR of any prior A.Y. could be documented in perspective on the revised arrangements of law. It is likewise expressed that the quantity of paper ITRs for A.Y. 2017-18 was just 9.2 lakh (1.5% of absolute ITRs recorded) and the quantity of paper ITRs for A.Y. 2018-19 is 4.8 lakh (0.6% of complete ITRs documented). According to the above subtleties, it is apparent that a large portion of the citizens have relentlessly changed to e-recording which is obvious from the lessening quantities of paper returns petitioned for A.Y. 2018-19 contrasted with prior years.

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