ITR-1 and ITR- 4 for Assessment Year 2019-20 are now available for e-filing, last date to file the returns is 31-July-2019

Tax

ITR-1 and ITR- 4 for Assessment Year 2019-20 are now available for e-filing, last date to file the returns is 31-July-2019

April 09, 2019

The Income tax department has notified, Income tax retunrs forms for the assessment year -2019-20, ITR-1 and ITR4 are available from today and other ITRs will be available shortly, Income tax deparment said on website. The last date to file the returns is 31-July-2019. ITR-1 and ITR-4 forms can be downloaded form the income tax E-filling website.

ITR-1 for Assessment Year 2019-20

Individual having income up to 50 Lakhs, Having income from salaries or pension, Income from one house property, Other source(Interest, Commission) and Agriculture income up to Rs.5000

ITR-4 for Assessment Year 2019-20

ITR-4 for maker income tax returns for Individual income, HUF's income and Income from Firms(other than LLP), ITR-4 for having presumptive income up to 50 lakhs Income from Businees or Profession.

Union cabinet sanctioned 4,242-cr project for implement next gen IT-Filing System

Tax

Union cabinet sanctioned 4,242-cr project for implement next gen IT-Filing System

January 17, 2019

Union Cabinet Sactioned Rs. 4,242 Crore for implement next gen IT-filling system,The Cabinet chaired by Prime Minister Narendra Modi, gave approves for expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department"

This project will help to taxpayers to get refund in one day, Currently ITR take 63 days for process for income tax returns. 

IT major Infosys has selected implement ITR project. To complete this project take 18 months. Once complete this project will launch testing for three months. Union Minister Piyush Goyal said to media.

Goyal also informed that tax refunds worth Rs 1.83 lakh crore have been issued so far in the current fiscal. The decision will ensure transparency and accountability besides faster processing of returns and issue of refunds to the taxpayers' bank account directly without any interface with the Income Tax Department.

Direct Tax Collections for F.Y. 2018-19 up to December, 2018

Tax

Direct Tax Collections for F.Y. 2018-19 up to December, 2018

January 07, 2019

The provisional figures of Direct Tax collections up to December, 2018 show that gross collections are at Rs. 8.74 lakh crore which is 14.1% higher than the gross collections for the corresponding period of last year. Refunds amounting to Rs.1.30 lakh crore have been issued during April, 2018 to December, 2018, which is 17.0% higher than refunds issued during the same period in the preceding year.

Net collections (after adjusting for refunds) have increased by 13.6% to Rs. 7.43 lakh crore during April - December, 2018. The net Direct Tax collections represent 64.7% of the total Budget Estimates of Direct Taxes for F.Y. 2018-19 (Rs. 11.50 lakh crore).

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, the growth rate of gross collections for CIT is 14.8% while that for PIT (including STT) is 17.2%. After adjustment of refunds, the net growth in CIT collections is 16.0% and that in PIT collections is 14.8%. It is pertinent to mention that collections of the corresponding period of F.Y. 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016

amounting to Rs.10,844 crore (Third and last instalment of IDS), which do not form part of the current year’s collections.

An amount of Rs. 3.64 lakh crore has been collected as Advance Tax, which is 14.5% higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 12.5% and that of PIT Advance Tax is 23.8%. )