News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« General »
 SDMC starts offline facility for depositing property tax
 Covid-19 crisis threatens to wipe out gains from corporation tax cut
 Big tax shortfall raises Centreā€™s fiscal deficit to 4.6%
 Experience with GST holds valuable lessons for One Nation One Ration Card
 Firms may get input tax credit for masks, PPEs
 Traders seek deferring of property tax
 COVID-19: Kerala Government extends Time Limit of Payment of License Fee and Renewal of Registration under various Acts
 Rajasthan HC grants Bail to Chartered Accountant accused of Corruption and Money Laundering
 Will your tax liability go up with no reimbursement?
 Residency relief for NRIs and foreigners: A welcome tax initiative
 Finance Ministry dismisses reports of pay cuts for central government employees

Finance Ministry Says Reports Of Decline In ITR E-Filing For FY19 Are Incorrect
May, 07th 2019

In a press release on Monday, the Ministry of Finance said that the media reports on reduction in number of Income Tax Returns (ITR) are "factually untrue" as the results pertaining to financial year 2018-19 and 2017-18 are not comparable.

"There have been some incorrect reports in media pertaining to reduction in numbers of Income Tax Returns(ITR) e-filed during Financial Year(F.Y.) 2018-19 as compared to F.Y. 2017-18. This is factually untrue, because the figures for F.Y. 2017-18 and F.Y. 2018-19 are not directly comparable," the press release said.

It further explained that there has, in fact, been an increase in ITR filings by 19 percent in the last financial year.

"It is stated that during F.Y. 2017-18, out of a total of 6.74 crore ITRs which were e-filed, 5.47 crore ITRs were filed for Assessment Year(A.Y.) 2017-18 (the current year). In comparison, during F.Y. 2018-19, a total of 6.68 crore ITRs were e-filed which included 6.49 crore ITRs of current A.Y. 2018-19 marking an increase of almost 19%. This would imply that substantially larger number of taxpayers filed their ITRs electronically in the F.Y. 2018-19 as compared to F.Y. 2017-18," it said.

The statement explained how the earlier calculation of over 6.6 lakh fall in number of e-filings in FY19 when compared to the year before was incorrectly done by media reports. It said that "the apparent decrease in the number of ITRs filed during F.Y. 2018-19 pertaining to earlier years was due to an amendment in Section 139(5) of the Income-tax Act, 1961 brought in vide Finance Act, 2017, w.e.f. 01.04.2018, which mandated that a revised return could be furnished only upto the end of the relevant Assessment Year."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting