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TMI BlogTax collections increased from ₹ 6.38 Lakh Crore in year 2013-14 to almost ₹ 12 Lakh Crore this year 80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronicallyX X X X Extracts X X X X X X X X Extracts X X X X ..... Tax collections increased from ₹ 6.38 Lakh Crore in year 2013-14 to almost ₹ 12 Lakh Crore this year 80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically - Budget Dated:- 1-2-2019 - News - Ministry of Finance Posted On: 01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FEB 2019 1:24PM by PIB Delhi The Government has reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless. Due to this, the tax collections increased significantly from ₹ 6.38 lakh crore in 2013-14 to almost ₹ 12 lakh crore this year. The number of returns filed have also increased from 3.79 crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 6.85 crore showing 80% growth in tax base. While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways Coal, Shri Piyush Goyal said, I thank the honest taxpayers of India for reposing faith in our Government. Let me assure them that we have used their contribution to serve the poor and create better infrastructure. The In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Department now functions online. Returns, assessments, refunds and queries are all undertaken online. Last year, 99.54% of the income-tax returns were accepted as they were filed. Shri Piyush Goyal said that the Government has now approved a path breaking, technology intensive project to transform the Income-tax Department into a more assessee-friendly one. All returns will be processed i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n twenty-four hours and refunds issued simultaneously. Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymised back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers, he added. The Minister said that reducing the tax burden on middle class ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s always been our priority ever since the Government took over in 2014. The Government increased the basic exemption limit from ₹ 2 lakh to ₹ 2.5 Lakh and gave tax rebate so that no tax was payable by persons having income up to ₹ 3 lakh. The Government also reduced the tax rate from 10% to 5% for the tax slab of ₹ 2.5 lakh to ₹ 5 lakh and introduced Standard Deductio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ₹ 40,000 for the salaried class. Deduction of savings under section 80C was increased from ₹ 1 lakh to ₹ 1.5 lakh. Deduction of interest for self-occupied house property was raised from ₹ 1.5 lakh to ₹ 2 lakh. Special benefits and incentives were also given to small businesses and startups. Overall compliance processes were simplified. Threshold limit for pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umptive taxation of business was raised from ₹ 1 crore to ₹ 2 crore. The benefit of presumptive taxation was extended for the first time to small professionals fixing threshold limit at ₹ 50 lakh. In order to promote a less cash economy, the presumptive profit rate has been reduced from 8% to 6%. The tax rate for companies with turnover of up to ₹ 250 crore, covering almost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 99% of the companies, was reduced to 25% which was also applicable to new manufacturing companies without any turnover limits. ****** GG/DSM/RM/NK - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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