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Govt wants taxpayers to disclose more info in new ITR forms

Saturday, April 6, 2019, 2:07 PM

Individuals and businesses have to disclose more details of professional and residential status, as well as their income, while filing ITRs for 2018-19, according to the new forms notified on Thursday night by the income tax department. The aim is to increase transparency and narrow the scope for tax evasion. The scope of reporting foreign assets and bank accounts has also been scaled up.
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Income Tax return processing time to reduce from 63 days to just 1 day

Thursday, January 17, 2019, 12:35 PM

Infosys will develop the next-generation income tax filing system, which will reduce the processing time for returns to one day from the current average of 63 days, the government said. The project, costing over Rs. 4,200 crore, will be completed in 18 months. Its objectives include faster and accurate outcomes for taxpayers and enhancing user experience at all stages, among others.
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75 lakh new tax filers added to income tax list this fiscal: Official

Monday, November 5, 2018, 11:04 AM

About 75L new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for taxman is to add 1.25 crore fresh tax filers by the end of 2018-19 financial year that ends in March next year, as per a directive of the CBDT. The CBDT frames policy for the ITD.

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