ITR filings: FM Nirmala Sitharaman says e-returns for AY 2018-19 up 18.65%
Nirmala Sitharaman said, "A total of 7.19 crore income tax returns (ITRs) have been processed in 2018-19. The total amount of refund released in 2018-19 is Rs 1,61,457.6 crore".
Union Finance Minister Nirmala Sitharaman has said the number of e-returns submitted for assessment year 2018-19 is 6,49,39,586 as against 5,47,30,304 filed for 2017-18, marking an increase of 18.65%, in a written reply to Lok Sabha on Monday. Here are other facts that the Minister of Finance & Corporate Affairs cited in her response:
1. According to Nirmala Sitharaman, "A total of 7.19 crore income tax returns (ITRs) have been processed in 2018-19. The total amount of refund released in 2018-19 is Rs 1,61,457.6 crore".
2. She said the government has accorded high priority to issue refunds for all taxpayers, adding that less than 0.5% of ITRs are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued.
3. The Finance Minister said that with greater adoption of information technology in processing of ITRs and emphasis on less intrusive verification, the time taken to process ITRs is constantly reducing. Refunds amounting to Rs. 64,700 crores have already been issued in this financial year, she added.
4. Further, she said that the government has made it mandatory from March, 2019 to issue income-tax refunds through ECS only, therefore, expediting direct credit of refunds to bank accounts.
5. All field authorities have been instructed to issue refunds up to Rs 5,000 without any adjustment against outstanding demand, if any, Nirmala Sitharaman said.
6. She further said that the government has initiated several measures to educate the tax payers to e-file their ITRs.
7. Outreach measures, including training in e-filing, conducting workshops and awareness programmes, are being undertaken by the Income Tax Department, the FM added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.