E-filing of tax returns sees jump of 68.5% in April | Latest News India - Hindustan Times
close_game
close_game

E-filing of tax returns sees jump of 68.5% in April

PTI | By, New Delhi
May 15, 2016 01:21 PM IST

The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed last fiscal.

E-filing of tax returns saw a jump of 68.5 % in the first month of the current fiscal year, with over 8.32 lakh assesses filing Income Tax Returns electronically.

RBI Governor Raghuram Rajan said on Saturday he finds it easier to file his tax returns in India, as compared to the US.
RBI Governor Raghuram Rajan said on Saturday he finds it easier to file his tax returns in India, as compared to the US.

The number of e-filed returns recorded in April 2015-16 stood at 4.94 lakh. In all, 4.33 crore returns were electronically filed last fiscal.

Hindustan Times - your fastest source for breaking news! Read now.

As per the data of Central Board of Direct Taxes (CBDT), a total of 8,32,499 assesses filed returns in April 2016. Unlike the previous year, the CBDT operationalised all the nine types of Income Tax Returns (ITRs) filed by different types of assesses from this fiscal.

Over the years, the e-filing process has been simplified and assesses can file returns even from the comfort of their homes.

As per the CBDT, there were over 5.25 crore registered users (on April 30, 2016) and about 49.54 % of the returns were received outside office hours. Also, 35.27% of assesses used the utility provided by the department.

An online ‘tax calculator’ for filers is meant to help taxpayers assess tax liability.

Divya Baweja, Partner, Deloitte Haskins and Sells LLP said during the initial years, e-filing was considered to be an onerous task, but now the process has become a “simple affair”.

“In recent years, tax department has made a conscious effort to ease the e-filing procedure by simplifying the tax return forms and introducing tax utilities which automatically picks data from previous year’s tax return/tax credit statement, thereby making it much easier for a common individual to file his or her tax return,” she said.

The CBDT had notified the new forms on March 30, and ITRs can be filed till the stipulated deadline of July 31.

The data further said during April, the maximum returns were filed from Maharashtra followed by Gujarat, Tamil Nadu and Uttar Pradesh.

People with an income of more than Rs 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will have to disclose these expensive assets with the IT department in the new ITRs.

Last year, the e-filing commenced on July 1 following the controversy over a 14-page form requiring assesses to disclose bank account and foreign travel details.

Later, the form was simplified and the number of pages reduced to three.

RBI Governor Raghuram Rajan said on Saturday he finds it easier to file his tax returns in India, as compared to the US.

“I think technology helps. As for example, we moved to automated railway ticketing, the corruption there has come down substantially and the touts no longer squeeze all the supply and sell them separately. Income tax has been automated. You don’t have to go to the income tax inspector to get your money back. I find it easier to file income tax in India than filing my US income tax,” he said, to the amusement of many present during a discussion at the Chicago Booth School of Business in London.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On