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Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha there has been an increase in the number of returns filed in the last five years. The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21. The number of ITRs filed in the 2021-22 fiscal rose to over 6.94 crore and further to over 7.40 crore in the 2022-23 fiscal.

The new residential house is to be purchased either one year before or two years after the transfer of the original property that was sold. Or it should be constructed within three years from the date of sale of the original property. The time limit that is available for investment under section 54, is longer than the due date of filing the I-T return.

In financial year 2021-22, State’s share was around 5.74%, and in the latest financial year 2022-23, it stood at around 5.75%

India Business News: The income tax department announced that individual taxpayers have increased by 90% in the past 8 years, with 6.37 crore returns filed in AY 2021-22.

If you are a tax resident of India and have foreign assets, remember to disclose them in your income tax returns. Recently, a taxpayer learnt this the hard way after a penalty of Rs 30 lakh was imposed on her for failure to do so. In a conversation with Moneycontrol, Preeti Sharma, Partner, Global Employer Services at BDO India talks about how to disclose your foreign assets and how to rectify past non-reporting or misreporting of such assets.