MM TAX CLUB

The “Depositor Education and Awareness Fund Scheme, 2014”, was notified by Reserve Bank of India (RBI), which covers norms related to unclaimed deposits and outlines details of utilisation of fund including, inter alia, promotion of depositors’ interests and other purposes as may be specified by the RBI. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.

The Finance Ministry on Monday highlighted a bold move taken by the Income-Tax Department on tax liability on married couples. Speaking on the occasion of the 164th National Tax Day on July 24 at the Vigyan Bhavan in New Delhi, the Revenue Secretary, Sanjay Malhotra, said that the I-T Department has allowed the taxes paid by the wife to be adjusted with the husband's tax liability. He emphasised that while the move was not sustainable in a law, the Department still managed to allow it. Sanjay Malhotra called it a very bold decision taken by the Department.

Focus on three I's

He also spoke about how the ratio of tax to GDP has increased to 6 per cent.

The Revenue Secretary lauded the I-T Department for robust tax collection. He also appreciated their efforts in increasing the tax base and augmenting the ease of compliance. Sanjay Malhotra reiterated that the Department should continue to focus on Industry, Innovation, and Integrity- the three I's.

He shed light on the need to focus on taxpayer services as well.

Nirmala Sitharaman lauds I-T Department

At the same event, Finance Minister Nirmala Sitharaman spoke extensively about the increase in tax collection that has been achieved in recent years. She said that this growth came about without any increase in tax rates, and attributed the success to the increase in efficiency of the I-T Department. The Minister underlined the various reforms brought in by the Union Government in the Finance Act 2023 to provide relief to salaried class, start-ups, Medium, Small, and Micro Enterprises (MSMEs), and cooperative societies.

Nirmala Sitharaman stressed the need to work on widening the tax base while making the tax administration transparent, objective, and taxpayer-friendly. She also lauded the Department's continued efforts in implementing the three R's-Return processing, Refund issue and Redressal of grievances.

Income Tax Department in its recent tweet extends their gratitude to the taxpayers & tax professionals for reaching the milestone of 4 crore Income Tax Returns (ITRs), 4 days early this year.

Our gratitude to the taxpayers & tax professionals for having helped us reach the milestone of 4 crore Income Tax Returns (ITRs), 4 days early this year, compared to the preceding year!

Over 4 crore ITRs for AY 2023-24 have already been filed till 24th of July this year as compared to 28th of July last year.

Out of the 4.22 crore ITRs filed till 24th July, 2023, 3.81 crore ITRs have been e-verified i.e. more than 90% ITRs filed have been e-verified!

Out of the e-verified ITRs, more than 2.27 crore ITRs have already been processed!

We urge all those who haven't filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.

1.GSTN is pleased to inform you that the e-Invoice Exemption Declaration functionality is now live on the e-Invoice portal. This functionality is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under the CGST (Central Goods and Services Tax) Rules.

2. Salient features of this functionality are:

The Goods and Services Tax Network (GSTN) has released the GSTR-9 and GSTR-9C offline utility for the financial year 2022-23. The utility can be downloaded from the GST portal.

To download and open the Form GSTR-9 Offline Utility in your system from the GST Portal, perform following steps: