Till November 10, the government’s gross direct tax purse grew 31 per cent to ₹ 10.54 lakh crore.
Over 6.85 crore income tax returns have been filed so far for fiscal 2021-22 and the number is expected to go up further by December 31, a senior official said.
The last date for filing income tax returns (ITRs) for 2021-22 fiscal for individuals was July 31, while for corporates and others who need to get their accounts audited was November 7, 2022.
If the deadline is missed, taxpayers can also file a belated return by paying penalty, the last date for which is December 31.
So far this fiscal, refund worth around ₹ 2 lakh crore has been disbursed.
Till November 10, the government’s gross direct tax kitty grew 31 per cent to ₹ 10.54 lakh crore.
Net collections, after adjusting refunds, stood at ₹ 8.71 lakh crore, which is 61.31 per cent of the Budget estimates (BE) for the full year tax collection target.
The net direct tax collection this fiscal ending March 31, 2023 is likely to exceed budget estimates of ₹ 14.20 lakh crore by 25-30 per cent
Source: https://www.ndtv.com/business/over-6-85-crore-income-tax-returns-filed-for-fiscal-2021-22-so-far-official-3524813
© 2018 CA Chandan Agarwal. All rights reserved.