It’s 164th Income Tax Day! Finance Minister to lead the celebrations

Contributing to the economic development of the country, India is witnessing its 164th Income Tax Day! On the occasion of the day, the finance minister Nirmala Sitharaman will join the celebration at the Plenary Hall, Vigyan Bhawan in New Delhi at 6 pm.

Let us reassert our dedication to fostering the progress and prosperity of our nation by meeting our tax responsibilities.

According to the information, the day is celebrated every year on July 24 to spread awareness about the importance of taxes and to encourage more people to pay taxes for the development of the nation.

Over 3 crore ITRs filed so far: Tax department

According to the data released by the income tax department on Wednesday, July 19, over 3 crore ITRs for income earned in the 2022-23 fiscal have been filed so far, out of which 91% have been verified electronically.

Taking it to Twitter, the department expressed gratitude to the taxpayers, “Grateful to our taxpayers & tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year!”

Adding to this, “Over 3 crore ITRs for AY 2023-24 have already been filed till 18th of July this year as compared to 3 crore ITRs filed till 25th of July last year. Out of the 3.06 crore ITRs filed till 18th July 2023, 2.81 crore ITRs have been e-verified i.e. more than 91% ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed! So, we hope to keep up the momentum and urge all those who haven’t filed ITR for AY 2023-24, to file their ITR at the earliest to avoid last minute rush.”

Taking it to Twitter, the department has shared some of the milestones. Here are some benefits of Simplified Tax Regime

• New Tax Regime (NTR): Introduced in 2023-24, this provides a full rebate of tax for persons having income up to ₹7 lakh.
• Reduced corporate tax: A globally competitive rate of 15% has been made available to newly incorporated companies who start manufacturing before 31.3.2024 under section 115 BAB of the Income Tax Act, 1961. Similar rates for new manufacturing cooperatives.
• Exempt of Senior Citizens: Section 194P inserted in the Income-tax Act, 1961 excepting senior citizens above 75 years of age, having only pension and interest income (with specified conditions) from filing ITR.