Income Tax Return: The decision taken by the Income Tax Department on the tax issue of a married couple can prove to be a milestone for the coming days.
Income Tax Update: Have you ever heard that the tax paid by the wife has been adjusted against the arrears of tax due on the husband. But it has happened. This interesting disclosure has been made by Revenue Secretary Sanjay Malhotra.
Addressing the program organized on Income Tax Day, the Revenue Secretary said that the Income Tax has adjusted the tax paid by the wife against the arrears of tax due on the husband.
Fearless decision of the Income Tax Department
Sanjay Malhotra said that there is no provision to do so in the Income Tax Act, but despite this the Income Tax Department has given its permission. The Revenue Secretary has termed this decision of the Income Tax Department as a fearless decision. He said that we should focus on improving the services of taxpayers.
ITR being processed in 16 days
The Revenue Secretary said that in the last six years, except for the year of Kovid, the tax collection has been excellent. He told how the ratio of tax to GDP has increased to 6 per cent. Praising the tax department, he said that the number of taxpayers i.e. tax base is being increased and compliance is also being simplified.
He told that 72 lakh income returns have been filed in a day. The average time for processing income tax returns has come down to only 16 days. He said that there is a need for more automation in the services of taxpayers.
4 crore ITR filed
So far, 4 crore income tax returns have been filed for the financial year 2022-23 and assessment year 2023-24, which is 6.5 percent more than the previous year till this period. The Income Tax Department has processed more than 80 lakh refunds.
It is being speculated that due to floods and landslides, the last date for filing income tax returns may be extended. The government has not given such indications so far. But this decision can be taken at the last moment.
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