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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...

Financial Insights: India’s Fiscal Performance in August 2023

5Oct

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Financial Insights: India’s Fiscal Performance in August 2023

India's fiscal journey in 2023 continues to unfold, and the latest data paints a revealing picture. As of August 2023, the Government of India has received a total of ₹10,28,931 crore, equivalent to 37.9% of the corresponding Budget Estimate (BE) for 2023-24 for Total Receipts. Let's break down the key figures: Revenue Streams Tax Revenue (Net to Centre): ₹8,03,944 crore - Tax revenue forms a substantial chunk of the receipts, showcasing robust economic activity and tax compliance. Non-Tax Revenue: ₹2,09,582 crore - Non-tax revenue also contributes significantly, reflecting diverse income sources beyond taxation. Non-Debt Capital Receipts: ₹15,405 crore - Non-Debt Capital Receipts encompass two components: Recovery of Loans at ₹9,804 crore and Miscellaneous Capital Receipts a...

Record-Breaking Tax Audit Reports: Over 30.75 Lakh Filed for AY 2023-24

4Oct

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New Release

Record-Breaking Tax Audit Reports: Over 30.75 Lakh Filed for AY 2023-24

The year 2023-24 marked a significant milestone for taxpayers and tax professionals in India. More than 30.75 lakh audit reports, including approximately 29.5 lakh Tax Audit Reports (TARs), were successfully filed on the e-filing portal by the deadline of September 30, 2023. This impressive accomplishment not only demonstrates the commitment to compliance but also reflects the efficiency and dedication of both taxpayers and the tax administration. Extensive Outreach Initiatives To ensure the seamless submission of Tax Audit Reports (TARs) and other audit reports in Form No. 29B, 29C, 10CCB, and more, extensive outreach programs were executed. Over 55.4 lakh outreach efforts were made through various channels such as e-mails, SMSs, and social media. Information messages on the Income...

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

13Sep

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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.

How to file DIR-3 KYC using Web Form for FREE?

15Sep

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Academia

How to file DIR-3 KYC using Web Form for FREE?

The DIR 3 KYC is a form that must be submitted by each director assigned a DIN (Director Identification Number). This is mandatory for all directors regardless of qualified or disqualified status. The last date to file DIR-3 KYC is 30th Sept 2022, After that, you'll be charged a penalty of Rs. 5000 for late filing your DIR-3 KYC. So, Here is an Easy Step by Step guide to filing the DIR-3 KYC Web form. STEP 1 - Visit the DIR-3 KYC Web Form Click on - DIR-3 KYC Web Form and log in with valid credentials. STEP 2 - Input Your DIN Input your DIN. If the DIN is valid, the corresponding Email ID & Mobile Number (masked) will be displayed on the website. STEP 3 - Verify OTP Click on the Send OTP buttons available near mobile number & em...