Accordingly, the Central Board of Direct Taxes (CBDT) has issued refunds of more than Rs. 2.62 lakh crore to more than 2.38 crore taxpayers from 1st April, 2020 to 31st March, 2021, as against total refunds of Rs. 1.83 lakh crore issued during the corresponding period of the previous fiscal, marking an increase of almost 43.2%. Income tax refunds of approximately Rs. 87,749 crore have been issued in 2,34,27,418 cases whereas corporate tax refunds of approximately Rs. 1,74,576 crore have been issued in about 3,46,164 cases during the said period.
2020-21 ends tomorrow
2021-22 begins next day.
The Prefilled Forms will have information of Capital Gains from Listed Securities, Dividend Income, Interest from Banks/Post Office, etc. It aims to make the filling of the IT returns simple as well as urge more persons to disclose their incomes, and deliver improved transparency in the procedure. The taxpayers are now aware of the extent of data accessible with the income tax department, there is more possibility that they will reveal the correct incomes and not misrepresent in order to save tax.
Finance Minister Smt. Nirmala Sitharaman has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha. More than 100 changes have been proposed to the original Finance Bill, 2021 which was introduced in the Union Budget, 2021.
Seizure of large unaccounted cash will reduce the possibility of its utilisation for electoral purposes and will aid the objective of free and fair poll in the State of Tamil Nadu. Income Tax department has stepped up its monitoring and is closely watching the cash movement during the ensuing assembly elections.
The search action emanated due to non-compliance to faceless scrutiny assessment notices selected and issued through a computerised system. Notices under the Faceless Assessment Scheme sent to certain assessees were consistently not complied with even though received by them. Data analytics revealed that the recipients were persons of no/low means. Subsequent internal and discreet enquiries revealed that the said persons were the front for the above said group and were also the benamidars of some of the group members.
The searches, so far, have resulted in the detection of undisclosed income of more than Rs. 1,000 crore. Unaccounted cash of Rs. 1.2 crore has been seized so far.
On this special day, Ms. CA Heer Gajjar launches Silver Jubliee edition of weekly taxation news letter with Mr. CS Lalit Rajput who are actively involved in empowering the professional community. This is a remarkable moment for Tax Concept platform too.