E-Returns

income tax
Last month was the month for filing income tax return. According to recent observation over 1.23 Crore E-Returns were filed by tax payers this season. It has increased 68 % as compared to last year.
This season, more than 85 lakh salaried people have filed their tax return online. An overwhelming response of 85 % people has been noticed since last year.
According to Cental Board of Taxes (CBDT) 123.03 lakh returns have been filed online till August 5. Last year only 73.11 lakh returns were filled; thus this year has witnessed a growth of 68.3 % this year. Till August 5, only 5,87,13,493 returns were filed online under ITR and ITR 2 phase.
Earlier the last date of filing Income Tax return was 31st July, which was further extended to August 5 for the assessment year 2013- 2014. This was so, because there was extreme pressure on their Bangalore based servers.
One of the most interesting fact was that only 6.92 lakh returns were filled on August 5. A team was specially developed to monitor the technological parameters and other web portals.
Electronic filing has been made compulsory for tax payers having net taxable more than Rs five lakh from this year.

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