THE INCOME TAX NEW ONLINE PORTAL MAIN FEATURES
A new e-filing platform will be launched on June 7 that will be connected with the immediate processing of Income Tax Returns (ITRs) in order to speed up refund issuance. Its goal is to provide taxpayers with a simple and smooth experience.
The portal’s main features:
- All transactions, uploads, and pending actions will be shown on a single dashboard for the taxpayer to review and act on.
- Free ITR preparation software with interactive questions would be made accessible to assist taxpayers file returns in ITRs 1, 2, and 4. The ability to prepare ITRs 3, 5, 6, and 7 will be available soon.
- The new taxpayer-friendly interface would be connected with real-time ITR processing to provide taxpayers with prompt refunds.
- Additionally, taxpayers will be able to proactively update their profile to offer key information of income, such as salary, home ownership, and business/profession, which will be utilized in pre-filling their ITR.
- A call center for taxpayer help would be established to give rapid responses to taxpayer inquiries, as well as thorough FAQs, user manuals, videos, and a chatbot/live agent.
- Filing Income Tax Forms, adding tax specialists, and responding to notifications under Faceless Scrutiny or Appeals would all be functional.
- Simpler ITR Forms 1 (Sahaj) and 4 (Sugam) are available for a substantial number of small and medium taxpayers. An individual with an income of up to Rs 50 lakh who earns income from a salary, one house property, or other sources can submit a Sahaj (interest, etc).
- Sugam can also be submitted by individuals, Hindu Undivided Families (HUFs), and businesses (other than LLPs) with a total income of up to Rs 50 lakh and income from business and profession estimated under the presumptive taxation laws.
- Individuals and HUFs without business or professional income (and hence unable to submit Sahaj) can submit ITR-2, whereas those with business or professional income can file ITR Form 3.
- ITR Form 5 can be filed by individuals, HUFs, and corporations such as partnership firms, LLPs, and so on. ITR Form 6 can be filed by businesses. ITR-7 can be filed by trusts, political parties, charity organizations, and others who are claiming exempt income under the Act.
- Under section 115BAC of the Income Tax Act, taxpayers will have the opportunity to pick a new tax system beginning in the fiscal year 2020-21.
- Individuals who do not take advantage of or renounce certain specified deductions or exclusions when computing total income for tax purposes will be subject to the new I-T slabs.
- Annual income up to Rs 2.5 lakh is tax-free under this scheme. Individuals who earn between Rs 2.5 lakh and Rs 5 lakh would be taxed at a rate of 5%. Income of Rs 5 lakh to Rs 7.5 lakh will be taxed at 10%, while the income of Rs 7.5 lakh to Rs 10 lakh would be taxed at 15%.
- Those earning between Rs 10-12.5 lakh would pay a 20% tax rate, while those earning between Rs 12.5-15 lakh would pay a 25% tax rate. Amounts beyond Rs 15 lakh would be taxed at a rate of 30%.
IN THE CURRENT FISCAL YEAR, THE CENTRAL BANK OF INDIA AND THE INDIAN OVERSEAS BANK (IOB) MAY BE THE TWO STATE-OWNED BANKS TO BE PRIVATIZED.
After the names of the two state-run banks were shortlisted by the government think-tank NITI Aayog, the Centre might privatize the Central Bank of India and the Indian Overseas Bank.
The Bank of India, according to the research, might also be a possible privatization objective. The names of two state-run banks and one general insurer had been presented to the commission by NITI Aayog.
The government think tank was assigned with identifying two state-owned banks and one general insurer that will be privatized this fiscal year. The Union Budget for 2021-22 made the declaration on the privatization of these banks.
In the current fiscal year, the government has set a goal of Rs 1.75 lakh crore from selling shares. It also intends to complete the privatization of Air India, BPCL, and Shipping Corporation, which began in the current fiscal year.