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Historic Milestone: Record-Breaking 7.85 Crore ITRs Filed in 2023

4Nov

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Historic Milestone: Record-Breaking 7.85 Crore ITRs Filed in 2023

As the nation's economy continues to evolve, so does the landscape of income tax compliance. The Income Tax Department has hit a remarkable milestone, setting new records in the filing of Income Tax Returns (ITRs) till the 31st of October, 2023. Let's delve into the significant details: A Landmark Achievement: Over 7.65 crore ITRs were filed for Assessment Year (AY) 2023-24 by the 31st of October, 2023, a remarkable 11.7% higher compared to the previous year when 6.85 crore ITRs were filed by the 7th of November, 2022, the deadline for the same in the preceding year. All-Time High Filing: The total number of ITRs filed in the financial year 2023-24 for all assessment years until the 31st of October, 2023, stands at a record-breaking 7.85 crore, a feat surpassing the 7.78 cr...

Growth in Taxpayer Compliance: A Positive Sign for India’s Economy

4Nov

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Growth in Taxpayer Compliance: A Positive Sign for India’s Economy

In a significant revelation, the Income Tax Department has unveiled a promising trend in taxpayer compliance and economic growth. The Time Series Data of Direct Taxes indicates a substantial increase in the number of Income Tax Returns (ITRs) filed, reflecting improved tax compliance and a widening tax base. Here's a closer look at the key findings: 1. Impressive Rise in ITR Filings: Over the years, the number of ITR filings has seen a consistent and remarkable surge. The returns filed by individual taxpayers have surged from 3.36 crore in Assessment Year (AY) 2013-14 to an impressive 6.37 crore in AY 2021-22, marking a substantial increase of 90%. 2. Expanding Tax Base: Notably, the current fiscal year has witnessed a record 7.41 crore ITRs filed for AY 2023-24 to date, in...

India’s Exports in September 2023: A Detailed Overview

27Oct

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India’s Exports in September 2023: A Detailed Overview

India's economic landscape is shaped by its trade performance, and the latest data on the country's exports in September 2023 provides insights into the nation's global trade standing. Let's delve into the figures and see what they reveal. Merchandise Exports and Imports In September 2023, India's merchandise exports amounted to USD 34.47 billion, slightly down from USD 35.39 billion in the same month of the previous year. Meanwhile, merchandise imports in September 2023 were USD 53.84 billion, showing a decrease from USD 63.37 billion in September 2022. This data suggests that India's merchandise trade deficit in September 2023 was USD 19.37 billion, reflecting a decline from the previous year. Key Growth Sectors While the overall exports recorded a marginal decline, some ...

Cabinet Approves 4% Increase in Dearness Allowance and Relief for Central Government Employees and Pensioners

26Oct

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Cabinet Approves 4% Increase in Dearness Allowance and Relief for Central Government Employees and Pensioners

In a significant move aimed at benefiting millions of Central Government employees and pensioners, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi, recently gave its approval to release an additional installment of Dearness Allowance (DA) and Dearness Relief (DR) with effect from 01.07.2023. This decision comes as a welcome relief and aims to offset the impact of rising prices on the basic pay and pensions of these individuals. In this blog, we'll explore the key details of this development and its implications. Addressing Price Rise The increase in DA and DR, which amounts to 4%, is a response to the ongoing challenge of inflation and its effects on the cost of living. This increment takes the existing rate of 42% of the Basic Pay/Pension and raises it to 46%. The d...

11Oct

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A Guide to Repayment and Procedures for ‘4.48% GOVT. STOCK 2023’

Government securities play a crucial role in the financial market, providing investors with a secure avenue for investments. When it comes to the '4.48% GOVT. STOCK 2023,' understanding the repayment process is essential. In this blog, we will explain the repayment details and the necessary steps to ensure a smooth repayment process for investors. Repayment Date and Interest: The outstanding balance of '4.48% GOVT. STOCK 2023' is repayable at par on November 02, 2023. Importantly, no interest will accrue after this date. It's crucial to mark your calendar and ensure you are prepared for the repayment on time. Public Holidays and Repayment: In the event of a holiday being declared on the repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/...

CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

5Oct

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CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

India's Financial Landscape is ever-evolving , shaped by amendments and innovations in tax laws. The Finance Act of 202 ushered in significant changes, particularly in the valuation of shares issued by unlisted companies to non-residents. This transformative step brings the consideration received for such shares within the purview of section 56(2)(viib) of the income-tax Act, 1961. The Amendment in Context The Finance Act, 2023, introduced a crucial amendment to the Income-tax Act, 1961, expanding the scope of section 56(2)(viib). This amendment pertains to the consideration received from non-residents for the issuance of shares by an unlisted company. If this consideration surpasses the Fair Market Value (FMV) of the shares, it becomes taxable under the heading 'Income from o...

CBDT Extends Deadline for Submission of Form 10B/10BB and Form ITR-7 for AY 2023-24

20Sep

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CBDT Extends Deadline for Submission of Form 10B/10BB and Form ITR-7 for AY 2023-24

The Central Board of Direct Taxes (CBDT) has announced an extension of the due dates for filing key documents related to the Financial Year 2022-23 and Assessment Year 2023-24. For Audit reports in Form 10B/Form 10BB, originally due on September 30, 2023, the new deadline is now October 31, 2023. Likewise, the deadline for submitting the Return of Income in Form ITR-7 for Assessment Year 2023-24, initially set for October 31, 2023, has been extended to November 30, 2023. These changes are detailed in CBDT Circular No. 16/2023, referenced as 225/177/2023/ITA-II. You can access the full circular on the official website: www.incometaxindia.gov.in."

How to Check the DIR-3-KYC Filing Status?

13Sep

By InstaFinancialsNo Comments

Academia

How to Check the DIR-3-KYC Filing Status?

Verify the DIR-3-KYC Status of any director in 3 Simple Steps: Login to MCA V3 using your credentials Visit the DIR-3-KYC Web Form for Verifying Director's KYC Details Enter the DIN 1. Login to MCA V3 2. Visit DIR-3-KYC Form 3. Enter the DIN to Check the Filing Status Once you enter any valid DIN number the DIR-3 KYC status for the respective DIN will be displayed immediately. If the DIR-3 KYC is successfully submitted, then you can see a message confirming the Director KYC already done for this year. If the "Director KYC already done for this year" is not appearing and the mobile number and email ID is loaded, it indicates that the DIR-KYC is not successfully completed yet.

When is the Due Date for Filing DIR-3-KYC for FY 22-23?

13Sep

By InstaFinancialsNo Comments

Academia

When is the Due Date for Filing DIR-3-KYC for FY 22-23?

For Financial Year 22-23 - any person who has been allotted “Director Identification Number (DIN/DPIN)” on or before 31st March 2023 and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details in the system on or before 30 Sep 2023. 30 Sep 2023 is the last date for filing DIR-3 KYC form for FY 22-23 After expiry of the respective due dates, system will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’. The Director will be liable to pay the late filing fee of Rs 5,000, for filing after the due date Please follow the steps mentioned below to file DIR-3 KYC form: Login to MCA V3 Portal Open the DIR-3-KYC Web Form (MCA Services → Company e-Filing → DIN Related Fil...

How To File DIR-3 KYC Web Form Through MCA V3?

13Sep

By InstaFinancials1 Comment

Academia, Forms

How To File DIR-3 KYC Web Form Through MCA V3?

In the quest for seamless digitization and enhanced compliance measures, the Ministry of Corporate Affairs (MCA) has introduced the DIR-3 KYC Web Form, a simplified and efficient way for directors to fulfil their Know Your Customer (KYC) obligations. This article will guide you through the step-by-step process of filing the DIR-3 KYC Web Form via MCA V3. Purpose of The DIR-3 KYC Web Form The role of the DIR-3 KYC Web Form is to validate and confirm the existing KYC details registered in the MCA database. Every individual with a Director Identification Number (DIN) as of the 31st of March of the financial year is obligated to file the DIR-3 KYC form. The submission deadline for Form No. DIR-3 KYC (Web) is September 30, 2023. Please note that the DIR-3 KYC Web Form service i...