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.

@nsitharamanoffc
@officeofPCM
@FinMinIndia
@PIB_India ✅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 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)

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)

#FacelessAssessment #EaseOfTaxCompliance

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)

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 @nsitharamanoffc
@Anurag_Office
@FinMinIndia
@PIB_India

#AatmanirbharBharatKaBudget
#Budget2021

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)

CBDT issues refunds of over Rs. 1,25,470 crore to more than 38.23 lakh taxpayers between 1st April, 2020 to 20th October, 2020. Income tax refunds of Rs. 33,870 crore & corporate tax refunds of Rs. 91,599 crore have been issued during the said period. @nsitharamanoffc
@Anurag_Office
@FinMinIndia
@PIB_India

(1/9) Pursuant to the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS)on 17.3.2020, the Direct Tax Vivad se Vishwas Rules, 2020 alongwith Forms-1 to 5 have been notified on 18.3.2020 vide notification No.18 of 2020. (2/9) The Forms are required to be filed by the declarant electronically only. No paper form shall be accepted. The Designated Authority shall also issue the certificate and order electronically only.

Certain misinformation is being circulated in Social Media pertaining to individual return filers.
CBDT clarifies:
During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19..1/6 Out of these,1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclosed taxable income between Rs.2.5 lakh to Rs.5 lakh.
Out of 5.78 crore returns filed during this financial year,4.32 crore individuals have disclosed income upto Rs 5 lakh..2/6