Per latest notification from CBDT, Central Board of Direct Taxes as on Apr 06th 2018, the Tax Compliance in the country has increased from earlier years and the overall Direct Taxes revenue increased as per earlier expectations.
AY 2018-19 Updates
Income Tax India notified new tax return forms for AY2018-19 (FY2017-18). Taxpayers will now have to disclose salary break-up, provide additional details about their allowances that are not exempt, value of perquisites, profit in lieu of salary, and deductions claimed under Sec 16.
In addition, Businesses and Professional taxpayers will have to mention GSTIN Number in ITR-4 claiming presumptive income, to quote gross receipts as per #GST returns.
Overall, EZTax.in observes that the measures taken were to help link both direct and indirect taxes to an extent, and curb tax evasion, restrict black economy where possible.
Increased Tax Compliance
Per latest announcement from the GOI, Income Tax Filings (ITRs) in FY 2017-18 were 6.84 Cr in comparison to 5.43 Cr in earlier year.
More than 1 Crore New Tax Payers filed their returns during AY 2017-18, it’s almost 20.6% increase from the year earlier.
But, overall ONLY 1.5% of the population of this country PAID (Tax paid is different from tax filings) their taxes, majority of the other filings are of NIL returns.
For the 2017-18 Financial year onwards, Late Filing penalty Rs.1000 will be levied on all filings with taxable income less than Rs. 5L. and a Penalty of Rs. 5000-10000 for taxable income of greater than Rs. 5L.
Provisional, Direct Tax Revenue increased by 17.1% to Rs. 9.95L Cr.
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