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The new portal is supposed to go live on Monday, June 7, and would be followed by a mobile phone app a few days later
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Giving key highlights of the portal, the CBDT said all interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer
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Of this, personal income tax refunds worth Rs 7,538 crore have been issued in over 15.02 lakh cases. Corporate tax refunds of Rs 18,738 crore have been issued to 44,531 taxpayers
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Provisional data shows that Mumbai region is leading from the front in tax collection. This region contributes almost 32% to the country’s personal tax collections
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Experts say there is ambiguity as these payments are taxable as perquisites or profit in lieu of salary in the hands of surviving employees or their families
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The e-filing portal is used by the taxpayers to file their income tax returns (ITRs) and also to raise complaints seeking refunds
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If a savings account holder deposits more than Rs 10 lakh in a financial year, the Income Tax department may issue a tax notice
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The refunds issued in the 2020-21 fiscal was 43.2 % higher than Rs 1.83 lakh crore issued in 2019-20 fiscal, which ended March 31, 2020.
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"The IT Department wants to signal to the taxpayer that there is nothing that evades its vigil. So, they want the taxpayer to disclose everything upfront," said said Himadri Mukhopadhyay, former Secretary, Income Tax Bar Association
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If an individual misses the deadline of self-assessment tax, then under Section 234 A, a penalty will be levied
