As we move to the next cycle of #FacelessAssessment, here’s a primer on the procedural aspects guiding the taxpayers through the compliance process, for a seamless experience.
Check out the thread below. (1/9)
To ensure seamless communication, taxpayers should update their contact details including e-mail ID & phone number provided to the Income Tax Department. Please access the e-filing portal incometax.gov.in regularly. (2/9)
If your case has been selected for scrutiny, you will receive a notice u/s 143(2) of the Income-tax Act, 1961 on the e-filing portal & registered e-mail account. File a response to the same in time. (3/9) #FacelessAssessment#EaseOfTaxCompliance
If further details are required, you may receive a notice u/s 142(1) of Income-tax Act, 1961 along with a questionnaire on the e-filing portal & registered e-mail account. Do file your reply within the specified time. (4/9) #FacelessAssessment#EaseOfTaxCompliance
During the assessment proceedings, you may seek adjournment, if required. However, adjournment may be sought sparingly. (5/9) #FacelessAssessment#EaseOfTaxCompliance
Hearing through video conferencing can be availed only after filing written submissions in response to the show cause notice & draft assessment order. (6/9)
Before issue of final assessment order, a show cause notice along with a draft assessment order will be issued, which must be responded to within the specified time. (9/9)
Benefit of change in rate from 20% (with indexation) to 12.5% (without indexation) in real estate
✅The reduction in long term capital gains tax rate from 20% with indexation to 12.5 % without indexation for real estate will benefit in almost all cases.
✅Nominal real estate returns are generally in the region of 12-16 per cent per annum, much higher than inflation. The indexation for inflation is in the region of 4-5 per cent, depending on the period of holding. Therefore, substantial tax savings are expected to a vast majority of such tax payers.
Some cases are given below in this regard to illustrate the tax in both scenarios.
✅The new tax rate without indexation is beneficial in most cases. For property held for 5 years, new regime is beneficial when property has appreciated 1.7 times or more.
✅For property held for 10 years, it is beneficial when the value has increase to 2.4 times or more.
✅For property purchased in 2009-10, if value has increased to 4.9 times or more, it is beneficial.
From the above examples, it is clear that only where returns are low (less than about 9-11 per cent per annum) that the earlier tax rate is beneficial but such low returns in real estate are unrealistic and rare.
The corporate tax collections during FY 2022-23 (till 31st July, 2022) register a robust growth of 34% over the corporate tax collections in the corresponding period of FY 2021-22. (1/4) @FinMinIndia
The corporate tax collections during FY 2021-22 at Rs. 7.23 lakh crore registered a growth of over 58% as compared to the tax collection of FY 2020-21.
Even when compared to collections of FY 2018-19( pre-COVID period), the collections of FY 2021-22 are higher by over 9%.(2/4)
The positive trend of growth continues, but for the overall impact of the COVID-19 pandemic during FY 2020-21, when the corporate tax collections took a temporary hit. (3/4)
CBDT issues refunds of over Rs. 51,531 crore to more than 22.99 lakh taxpayers between 1st April,2021 to 23rd August,2021. Income tax refunds of Rs. 14,835 crore have been issued in 21,70,134 cases &corporate tax refunds of Rs. 36,696 crore have been issued in 1,28,870 cases(1/5)
For FY2021-22, ITD has issued refunds of over Rs. 51,531 crore upto 23.08.2021. Till date, 93% of the refund claims in ITRs for AY20-21 have already been processed. In the past week,refunds of over Rs. 15,269 crore have been issued which will be credited to taxpayers shortly(2/5)
During the last year(FY 20-21), refunds of Rs. 2.62 lakh crore (increase of over 42% over FY 19-20) were issued to over 2.37 crore taxpayers. It may be noted that this included the refunds expedited in a series of measures providing relief to taxpayers during the pandemic (3/5)
CBDT issues refunds of over Rs. 2,24,829 crore to more than 2.37 crore taxpayers between 1st April,2020 to 29th March,2021. Income tax refunds of Rs. 85,012 crore have been issued in 2,33,78,418 cases & corporate tax refunds of Rs. 1,39,817crore have been issued in 2,85,438 cases
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
The due dt of furnishing Income Tax Returns(ITRs)for taxpayers whose accounts require to be audited has been extended to 31st, January,2021 (1/5)
The due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021 (2/5)
The due date for furnishing of ITRs for the other taxpayers has been extended to 31st December, 2020 (3/5)