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News INCOME TAX

  • May 07, 2019
  • Tax returns in FY19 seem low because of delayed filing barred, says CBDT

    The Central Board of Direct Taxes (CBDT) on Monday said that income-tax (IT) e-returns filed in FY18 and the previous few years were inflated as these included returns for not just the assessment year concerned but for substantial number of returns belonging to earlier years as well. However, Finance Act, 2017 was amended in April last year to mandate that a revised return for an earlier year could be furnished only up to the end of the subsequent assessment year and not further. This meant that in FY19, taxpayers could file returns for that year and a smaller number of returns belonging to the previous year. Due to this, the e-filing numbers recorded in FY19 are not comparable with those filed in FY18, CBDT said in a statement.