In the Financial Year (F.Y.) 2015-16, Department of Income Tax Receives 2.06 Crore
In the Financial Year (F.Y.) 2015-16, Department of Income Tax Receives 2.06 Crore Returns on the E-Filing Portal as on 07.09.2015 Registering an Increase of 26.12% over the Corresponding Period of the Preceding F.Y. 2014-15; 32.95 Lakh E-Returns Verified Through Electronic Verification Code;
As on 07.09.2015 Central Processing Centre Processed 45.18 Lakh Returns Relating to the A.Y. 2015-16 and Issued Refunds to 22.14 Lakh Tax Payers for the A.Y.2015-16: Income-Tax Department Thanks the Taxpayers for Making E-Enabled Initiatives a Success
It has been the constant endeavor of the Income-tax Department to make compliance simpler for the taxpayer through the use of technology. E-filing of returns, refund banker scheme and the newly introduced e-verification of Income-tax returns for the Assessment year 2015-16 are some of the key initiatives undertaken by the Department for making filing of returns simple and easy for the common taxpayer.
The Income Tax Department would like to acknowledge and thank the taxpayer for the widespread support for its e-Governance initiatives.
The taxpayers have come forward in greater numbers for e-filing of returns in the current year. In the Financial Year (F.Y.) 2015-16, the Department has received 2.06 crore returns on the e-filing portal as on 07.09.2015 which is an increase of 26.12% over the corresponding period of the preceding the F.Y. 2014-15, when 1.63 crore returns were e-filed. The peak filing rate in the F.Y. 2015-16 touched 3,475 returns per minute as compared to 2,901 returns per minute in the F.Y. 2014-15.
To facilitate the taxpayers by providing end-to-end e-enabled services and reduce compliance burden, the Department offered the facility of electronic verification of Income Tax Return for the A.Y. 2015-16 through an electronic verification code (EVC). In the short period since its introduction, 32.95 lakh e-returns have been verified through EVC. Use of EVC has dramatically reduced the time taken for processing of e-filed returns for the A.Y. 2015-16. As on 07.09.2015 Central Processing Centre had processed 45.18 lakh returns relating to the A.Y. 2015-16 and issued refunds to 22.14 lakh tax payers who had claimed refunds for the A.Y.2015-16.
The Department remains committed to improving taxpayer services through enhanced use and further improvement in technologies.
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FSDC Sub-Committee Takes a View of the International and Domestic Economic Situation: our Macro-Economic Fundamentals are Quite Strong : No Need for Worry due to Uncertain International Economic Situation; However asks for the Need to Remain Vigilant and Keep a Watch on the Situation
A meeting of the Financial Stability and Development Council (FSDC) Sub-committee was held today in Mumbai. The meeting was chaired by Dr. Raghuram Rajan, Governor, Reserve Bank of India .The meeting was attended by Shri Ratan P. Watal, Finance Secretary; Shri Shaktikanta Das, Secretary, Department of Economic Affairs (DEA),; Ms. Anjuly Chib Duggal, Secretary, Department of Financial Services (DFS),; Shri U. K. Sinha, Chairman, Securities and Exchange Board of India (SEBI); Shri T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Shri Hemant G. Contractor, Chairman, Pension Funds Regulatory and Development Authority (PFRDA); Shri Ramesh Abhishek, Chairman, Forward Markets Commission (FMC); Deputy Governors of RBI, Shri H. R. Khan, Dr. Urjit Patel and Shri S. S. Mundra; Executive Directors of RBI, Shri Deepak Mohanty and Shri N. S. Vishwanathan and other officials from RBI and the Ministry of Finance.
The Sub-committee of FSDC reviewed the international and domestic economic situation. Issues regarding inter-regulatory co-ordination for reporting under Foreign Account Tax Compliance Act (FATCA), Central KYC Registry, International Financial Services Centre (IFSC), development of corporate bond market, pension funds etc. were discussed. The Sub-Committee also took note of the functioning of the various Technical Groups under its ambit and the progress achieved by the State Level Coordination Committees in various States/ Union Territories. There was commonality of views.
The Sub-committee of FSDC was of the view that our macro-economic Fundamentals are quite strong and there is no immediate cause of worry due to international economic situation. However, it was of the view that there was need to be vigilant and to keep a watch on the situation.
The Sub-committee of FSDC reviewed the international and domestic economic situation. Issues regarding inter-regulatory co-ordination for reporting under Foreign Account Tax Compliance Act (FATCA), Central KYC Registry, International Financial Services Centre (IFSC), development of corporate bond market, pension funds etc. were discussed. The Sub-Committee also took note of the functioning of the various Technical Groups under its ambit and the progress achieved by the State Level Coordination Committees in various States/ Union Territories. There was commonality of views.
The Sub-committee of FSDC was of the view that our macro-economic Fundamentals are quite strong and there is no immediate cause of worry due to international economic situation. However, it was of the view that there was need to be vigilant and to keep a watch on the situation.
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