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The SBI Research Data unveils very shocking revelation. Trends in ITR Filing have changed. ITR Fillers with No Tax Liability double in past 3 years.

SBI Research: Deciphering emerging Trends in ITR Filing [Download Pdf]

The SBI Research data recently disclosed that Income Tax Threshold limit for Middle Class Income set to touch Rs. 50 lakhs in 2047. This data report tell that "how an efficient tax system is incubating a healthy, upwardly mobile “Middle Income Class"".

Income Tax Threshold: Middle Class Income set to touch Rs. 50 lakhs in 2047 [SBI Research]

In the 2019-20 financial year, around 20.8 lakh Andhra Pradesh residents filed income tax returns. In 2019-20, there were 6.64 lakh filers having no tax liability.

ITR Fillers with No Tax Liability double in Andhra Pradesh in 3 years

The Income Tax Department has added a new feature to the income tax e-filing website that allows people to pay their taxes later.

Income Tax Department notified a New Feature of Pay Later on Income Tax e-Filing Website

Tax audit, as the name implies, is an inspection or review of the accounts of any business or profession carried out by taxpayers from an income tax standpoint.

Turnover Limit for Tax Audit Applicability for FY 2022-23

CBDT established three Advance Ruling Boards in Sep 2021. Furthermore, Scheme of E-advance Ruling was developed with goal of making whole process of advance rulings with a minimal interface and imparting increased efficiency, transparency, and accountability.

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SBI Research: Deciphering emerging Trends in ITR Filing [Download Pdf]

Income Tax Threshold: Middle Class Income set to touch Rs. 50 lakhs in 2047 [SBI Research]

ITR Fillers with No Tax Liability double in Andhra Pradesh in 3 years

Income Tax Department notified a New Feature of Pay Later on Income Tax e-Filing Website

Turnover Limit for Tax Audit Applicability for FY 2022-23

CBDT implements Advance Rulings in Delhi and Mumbai