Income tax dept processed 1.5 crore ITRS of total 3 crore filed

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.

"Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted.

The 3 crore milestone in income tax return (ITR) filing has been reached 7 days earlier this year.

As per Section 14 of the Income Tax Act, for the purpose of charging tax and computation of total income, all incomes are classified under 5 Heads of Income.

Income from salary

Wages, pension, annuity, gratuity, fees, commission, profits, leave encashment, annual accretion, and transferred balance in recognised Provident Fund (PF) and contribution to the employee's pension account are all part of the Income of salary.

Income from house property

Rental Income from properties owned by a person other than those which are occupied by him is charged as income from house property. If the property is vacant then a notional income is included under this head.

Income from profits and gain of business or profession

Income from business or profession includes profit/loss from a business entity or a profession, any interest, salary, or bonus to a partner of a firm.

Income from capital gains

Income from capital gains includes long-term capital gains (LTCG) and short-term capital gains (STCG) on the sale of any capital assets.

Income from other sources

Income from other sources includes interest on bank deposits and securities, dividends, royalty income, winning on lotteries and races, and gifts received among others.

https://economictimes.indiatimes.com/news/india/over-3-crore-income-tax-returns-filed-so-far-tax-department/articleshow/101936814.cms

--------------------------------------------------------------

(The views expressed in this article are strictly personal.)

By GST Info Tamil

YouTube link for more tax update

https://www.youtube.com/gstinfotamil?sub_confirmation=1

WhatsApp Group https://chat.whatsapp.com/ChcVTsYGAns9fvv16qcd8I

For more article 👇

18% GST Applicable On Battery Charging For Electric Vehicles, Says Karnataka AAR

https://gstinfotamil.blogspot.com/2023/07/18-gst-applicable-on-battery-charging.html

What is the difference between Nil Rated, Exempted, Zero Rated and Non-GST supplies?

https://gstinfotamil.blogspot.com/2023/07/what-is-difference-between-nil-rated.html

Most Awaited Notification and Circular - 50th GST Council Meeting

https://gstinfotamil.blogspot.com/2023/07/notification.html

TDS Return Forms 24Q, 26Q, 27Q, 27EQ

https://gstinfotamil.blogspot.com/2023/07/tds-return-forms-24q-26q-27q-27eq.html

HOW TO BECOME A CUSTOMS BROKER IN INDIA in 2023?

https://gstinfotamil.blogspot.com/2023/07/how-to-become-customs-broker-in-india.html

Factory Law Compliance Checklist: Mandatory Compliance for Factories

https://gstinfotamil.blogspot.com/2023/07/factory-law-compliance-checklist.html

E-way bill generation declines in June, may impact GST collection in July

https://gstinfotamil.blogspot.com/2023/07/e-way-bill-generation-declines-in-june.html

Important SOP for stepping up of Preventive Vigilance Mechanism by the jurisdictional CBIC field formations and to prevent flow of suspicious cash, illicit liquor, drugs/narcotics, freebies and smuggled goods during elections

https://gstinfotamil.blogspot.com/2023/07/important-sop-for-stepping-up-of.html

Rejection of Appeal is invalid if vehicle breaks down and new e-way bill prepared post interception - The Hon’ble Calcutta High Court

https://gstinfotamil.blogspot.com/2023/07/rejection-of-appeal-is-invalid-if.html

TDS - Payments made for hiring of cranes - the crane owner responsible for day-to-day maintenance and operating costs - liable for TDS u/s. 194C of the Act - not u/s. 194I of the Act.

https://gstinfotamil.blogspot.com/2023/07/tds-payments-made-for-hiring-of-cranes.html

Order passed before the dates provided for filing of reply and personal hearing is violative of principles of natural justice

https://gstinfotamil.blogspot.com/2023/07/order-passed-before-dates-provided-for.html

TDS Applicability U/S 194Q On Purchased Goods

https://gstinfotamil.blogspot.com/2023/07/tds-applicability-us-194q-on-purchased.html

6th GST Day was celebrated with the vision GST@6 with Hon’ble FM Nirmala Sitharaman

https://gstinfotamil.blogspot.com/2023/07/6th-gst-day-was-celebrated-with-vision.html

₹1,61,497 crore gross GST revenue collected for June 2023; records 12% YoY growth

https://gstinfotamil.blogspot.com/2023/07/161497-crore-gross-gst-revenue.html

What is the GSTR-9 annual return and related more details https://gstinfotamil.blogspot.com/2023/07/what-is-gstr-9-annual-return-and.html

CBDT issued Important Circular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package

https://gstinfotamil.blogspot.com/2023/07/cbdt-issued-important-circular-to.html

AUDITING AND ASSURANCE STANDARDS BOARD THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

https://gstinfotamil.blogspot.com/2023/06/auditing-and-assurance-standards-board.html

DRC-01B (Rule 88C) : GSTR 3B vs GSTR 1 Mismatch in Liability

https://gstinfotamil.blogspot.com/2023/06/drc-01b-rule-88c-gstr-3b-vs-gstr-1.html

Advisory: Online Compliance Pertaining to Liability / Difference Appearing in R1 – R3B (DRC-01B)

https://gstinfotamil.blogspot.com/2023/06/advisory-online-compliance-pertaining.html

e-Invoice - Resolution for Common Errors

https://gstinfotamil.blogspot.com/2023/06/e-invoice-resolution-for-common-errors.html

CBDT extends TDS (Other than 24Q) and TCS Returns for 1st Quarter of FY 2023-24 till September 30, 2023

https://gstinfotamil.blogspot.com/2023/06/cbdt-extends-tds-other-than-24q-and-tcs.html

Constitutional validity of Section 16(4) of the CGST Act challenged

https://gstinfotamil.blogspot.com/2023/06/constitutional-validity-of-section-164.html

Procedure for applying for Amnesty scheme for onetime settlement of default in export obligation by Advance and EPCG authorization holders in manual mode

https://gstinfotamil.blogspot.com/2023/06/procedure-for-applying-for-amnesty.html

CBDT notified the Tolerance limit for Transfer Pricing remains unchanged for AY 2023-24

https://gstinfotamil.blogspot.com/2023/06/cbdt-notified-tolerance-limit-for_27.html

TDS under Section 194I Or Section 194C for Car hiring charges?

https://gstinfotamil.blogspot.com/2023/06/tds-under-section-194i-or-section-194c.html

TDS Rate Chart for FY 2023-24 (AY 2024-25) with TDS Section List

https://gstinfotamil.blogspot.com/2023/06/tds-rate-chart-for-fy-2023-24-ay-2024.html

2- Factor Authentication for e-Way Bill and e-Invoice System

https://gstinfotamil.blogspot.com/2023/06/2-factor-authentication-for-e-way-bill.html

Advisory: Update on Enablement Status for Taxpayers for e-Invoicing

https://gstinfotamil.blogspot.com/2023/06/advisory-update-on-enablement-status.html

CBDT ENABLED COMMON OFFLINE UTILITY FOR FILING ITR 1, ITR 2 AND ITR 4