How InvIT, REIT income is taxed

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Over the last few years, infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) have emerged as a popular investment option for those who want a regular income flow and are comfortable with taking on some risk.

The soaring equity market valuations and dwindling fixed income returns have only added to their appeal. With the government laying out a roadmap for monetisation of infrastructure assets, InvITs are expected to gain further ground.

An InvIT/ REIT pools money from investors (unitholders) to invest in a portfolio of income-generating infrastructure assets (80 per cent in operational assets) via subsidiaries (SPVs). REITs invest in real estate projects and InvITs in infrastructure assets, such as power transmission or road projects. The unitholders receive a regular payout, at least once every six months. Also, as units of publicly issued InvITs/REITs trade like shares on the exchanges, they offer an opportunity for capital appreciation.

Investors, however, need to wade through their complex taxation. The income of an InvIT/ REIT is passed on to unitholders in the form in which it’s received and is taxed as such.

Distributable surplus

An InvIT/ REIT receives cash flows from its project SPVs in the form of: a) dividends in return for the stake held b) interest and c) principal repayment on loans extended to them. Any other income at the InvIT/ REIT level such as capital gains from assets sold and not re-invested, and return on surplus cash invested, too, gets added to this.

Apart from this, if a REIT holds any real estate asset directly and not via an SPV, then the income flows to it in the form of rent (and not interest and dividend) and gets added as such.

All expenses incurred at the InvIT/ REIT level are deducted from the total cash inflow to arrive at the net distributable surplus (NDS). Unitholders must be paid at least 90 per cent of the NDS. A break-up of the components of the distribution is usually available on the websites/ presentations of the respective InvIT/ REIT.

Tax treatment

Distribution: The interest component of the NDS is taxed at your income tax slab rate. The dividend, too, is taxed at your slab rate if the project SPVs of the InvIT/ REIT have opted for the new concessional tax regime under section 115BAA of the IT Act. The dividend is tax-exempt if the project SPVs have not opted for the concessional tax.

Also as Hemal Mehta, Partner, Deloitte India, explains, before the interest and dividend are paid out, a 10 per cent withholding tax (for resident investors) is deducted by the InvIT/ REIT, against which the investor can claim credit.

The loan repayment component represents return of capital and is not subject to tax. Any other income at the InvIT/ REIT level such as capital gains on any asset sold or interest on fixed deposits which is passed on to the unitholders, too, is tax-exempt in their hands.

Powergrid InvIT, India Grid Trust and IRB InvIT Fund are the three publicly listed InvITs open to retail investors.

IRB InvIT Fund has distributed ₹41.30 per unit (₹30 as interest and ₹11.30 as return of capital) since its listing in May 2017 until March 31, 2021. Since most of the trust’s SPVs are loss-making (PAT level), there have been no dividends.

In case of India Grid Trust, almost all the distributions since its listing in June 2017 have been in the form of interest income. As of June 2021, India Grid Trust had opted for concessional tax for all except one of its SPVs. Any future distributions in the form of dividends will, therefore, be taxed accordingly.

Powergrid InvIT, which listed recently has not yet made any distributions. Four of the InvIT’s five project SPVs have opted for concessional tax.

In the REIT space, you have Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust, all publicly listed.

In the June 2021 quarter, they distributed ₹5.64, ₹4.60 and ₹6 per unit, respectively of which 80 per cent, 92 per cent and 24 per cent was tax-free in the hands of the investors.

Capital gains: If a unitholder sells his/her InvIT/ REIT units after holding them for up to 36 months, the short-term capital gains are taxed at 15 per cent (plus applicable surcharge and cess) without indexation benefit.

If the units are sold after being held for over 36 months, long-term capital gains (exceeding ₹1 lakh a year including from all equity investments) are taxed at 10 per cent (plus applicable surcharge and cess) without indexation benefit.

These rates are applicable to all REITs (which have to be mandatorily listed) and the listed InvITs.

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Top 5 Banks Offering Returns Up To 6.75% On 1 Year Fixed Deposits

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Investment

oi-Vipul Das

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As fixed deposit investments have a variable tenure ranging from 7 days to 10 years, they can be used to meet a variety of personal financial goals, spanning short-term, mid-term, and long-term purposes. To ensure liquidity when it is needed, as well as renewing short-term fixed bank deposits once they mature. short-term fixed deposits are always the best option. The RBI, on the other hand, agreed not to alter the repo and reverse repo rates during its bi-monthly monetary policy review meeting on October 8, 2021. According to experts, the Reserve Bank of India (RBI) may hike repo rates in the near future if certain economic and financial conditions exist, such as high inflation, and it is recommended that you do not lock in your deposits for a long period of time at a lower rate, as this will expose you to interest rate risk.

In the current environment of low-interest rates on bank fixed deposits, it is preferable to initiate a fixed deposit investment for a short period of time, assume one year, and then wait for interest rates to rise in the future so that you can renew your deposits and reinvest for a longer period of time at higher rates. As a result, for investors looking to invest in one-year fixed deposits at higher rates, here are the top five banks, based on our own analysis, that are now offering returns of up to 6.75 percent with DICGC deposit insurance coverage of up to Rs 5 lakhs.

Jana Small Finance Bank

Jana Small Finance Bank

Jana Small Finance Bank, one of the small finance banks, is currently offering regular customers and senior citizens an interest rate of 6.25 percent and 6.75 percent on one-year deposits, respectively. On 07/05/2021, the bank officially modified its fixed deposit interest rates, which are as follows:

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7-14 days 2.50% 3.00%
15-60 days 3.00% 3.50%
61-90 days 3.75% 4.25%
91-180 days 4.50% 5.00%
181-364 days 5.50% 6.00%
1 Year[365 Days] 6.25% 6.75%
Source: Bank Website

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

This small finance bank is now promising an interest rate of 6.25% to the general public and 6.75% to senior citizens on their deposits maturing in 365 Days to 699 Days. For a deposit amount of less than Rs 2 Cr, the bank has last revised its interest rates on July 01, 2021 which is as follows.

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 Days to 45 Days 3.00% 3.50%
46 Days to 90 Days 3.25% 3.75%
91 Days to 180 Days 4.00% 4.50%
181 Days to 364 Days 5.75% 6.25%
365 Days to 699 Days 6.25% 6.75%
Source: Bank Website

ESAF Small Finance Bank

ESAF Small Finance Bank

ESAF SFB is also offering an interest rate of 6.25% to non-senior citizens and 6.75% to senior citizens on their term deposits maturing in 365 days & 366 days. For a deposit amount of less than Rs.200 lakhs, the most recent interest rates on fixed deposits of the bank are listed below.

Period Normal Rate (%) Rate for Senior Citizens (%)
7 days to 14 days 4.00% 4.50%
15 days to 59 days 4.50% 5.00%
60 days to 90 days 5.25% 5.75%
91 days to 181 days 5.50% 6.00%
182 days 5.00% 5.50%
183 days to 363 days 6.00% 6.50%
364 days 5.25% 5.75%
365 days & 366 days 6.25% 6.75%
Source: Bank Website

RBL Bank

RBL Bank

RBL Bank is currently offering a 6.00 percent interest rate to the general public and 6.50 percent to senior citizens on deposits maturing in 12 months to less than 24 months. The bank’s most current interest rates on fixed deposits for domestic, NRO, NRE, and Flexi Fixed Deposits are provided below.

Period of Deposit Interest Rates p.a. Senior Citizen Interest Rates p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
Source: Bank Website

IndusInd Bank

IndusInd Bank

IndusInd Bank is currently offering an interest rate of 6.00 percent to the general public and 6.50 percent to senior citizens on domestic/NRO/NRE/Senior Citizen Fixed Deposits maturing in 1 year to less than 1 year 6 months. The bank’s current fixed deposit rates for deposits less than Rs 2 crore are mentioned below.

Period Normal Rate (%) Rate for Senior Citizens (%)
7 days to 14 days 2.5 3
15 days to 30 days 2.75 3.25
31 days to 45 days 3 3.5
46 days to 60 days 3.25 3.75
61 days to 90 days 3.4 3.9
91 days to 120 days 3.75 4.25
121 days to 180 days 4.25 4.75
181 days to 210 days 4.6 5.1
211 days to 269 days 4.75 5.25
270 days to 354 days 5.5 6
355 days to 364 days 5.5 6
1 Year to below 1 Year 6 Months 6 6.5
Source: Bank Website

Story first published: Saturday, October 16, 2021, 17:20 [IST]



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HDFC Bank Q2 consolidated profit rises 18 pc to Rs 9,096 cr, BFSI News, ET BFSI

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HDFC Bank on Saturday reported an 18 per cent increase in its consolidated net profit at Rs 9,096 crore for the second quarter ended September 2021. The country’s biggest private sector lender had posted a consolidated net profit of Rs 7,703 crore in the corresponding quarter a year ago.

Total consolidated income during the quarter under review rose to Rs 41,436.36 crore from Rs 38,438.47 crore in July-September 2020, HDFC Bank said in a statement.

On a standalone basis, after providing Rs 3,048.3 crore for taxation, it earned a net profit of Rs 8,834.3 crore, an increase of 17.6 per cent over the quarter ended September 30, 2020.

The bank had earned a net profit Rs 7,513.1 crore on standalone basis in the same quarter a year ago, the statement said.

Total income (standalone) grew to Rs 38,754.16 crore in the second quarter of FY2022 from Rs 36,069.42 crore in the year-ago quarter. PTI DP MKJ MKJ



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Top 6 “AAA” Rated Corporate Deposits For Investment In 2021

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Mahindra & Mahindra Financial Services Limited

Crisil has given Mahindra Finance Fixed Deposits an FAAA rating, indicating a higher standard of deposit safety. This corporate deposit offers elderly people an extra 0.25 percent on Samruddhi Fixed Deposits and 0.35 percent to the company’s employees. Mahindra Finance is now offering the below-listed interest rates on deposits and the latest rates are applicable from 20th September 2021.

Samruddhi Cumulative Scheme (Up to Rs 1 Cr)

Period in months Interest p.a.(%)
12 5.50%
24 6.00%
36 6.30%
48 6.45%
60 6.45%

Samruddhi Non-Cumulative Scheme (Up to Rs 1 Cr)

Period in months Interest p.a. (Monthly) Interest p.a. Quarterly) Interest p.a. (Half yearly) Interest p.a. (Yearly)
12 4.95% 5.30% 5.40% 5.50%
24 5.45% 5.80% 5.90% 6.00%
36 5.75% 6.10% 6.20% 6.30%
48 5.90% 6.25% 6.35% 6.45%
60 5.90% 6.25% 6.35% 6.45%
Source: mahindrafinance.com

ICICI Home Finance Fixed Deposits

ICICI Home Finance Fixed Deposits

CRISIL has given ICICI HFC Fixed Deposits an FAAA/Stable rating, ICRA has given it an MAAA/Stable rating, while CARE has given it a AAA/Stable rating. Senior citizens can benefit from a 0.25 percent higher rate of interest on this corporate fixed deposit, which requires a minimum deposit of Rs 10,000. The following are the interest rates that are in force from August 23, 2021.

Tenure in months Cumulative Non-Cumulative
Monthly Income Plan Quarterly Income Plan Yearly Income Plan
>=12 to 5.25% 5.10% 5.15% 5.25%
>=24 to 5.65% 5.50% 5.55% 5.65%
>=36 to 5.75% 5.60% 5.65% 5.75%
>=60 to 6.45% 6.25% 6.30% 6.45%
>=72 to 6.65% 6.45% 6.50% 6.65%
Source: icicihfc.com

HDFC Green & Sustainable Deposits

HDFC Green & Sustainable Deposits

For the last 27 years, HDFC Ltd. has maintained AAA ratings from two major credit rating agencies (CRISIL and ICRA) for its deposit scheme. The deposit scheme of the corporate provides the following competitive interest rates for a deposit amount of up to Rs 2 Cr.

Special Deposits (Fixed Rates)

Period Monthly Income Plan Quarterly Option Half-Yearly Option Annual Income Plan Cumulative Option
33 Months 6.00% 6.05% 6.10% 6.20% 6.20%
66 Months 6.40% 6.45% 6.50% 6.60% 6.60%
99 Months 6.45% 6.50% 6.55% 6.65% 6.65%

Premium Deposits (Fixed Rates)

Period Monthly Income Plan Quarterly Option Half-Yearly Option Annual Income Plan Cumulative Option
15 Months 5.60% 5.65% 5.70% – 5.80%
22 Months 5.75% 5.80% 5.85% 5.95% 5.95%
30 Months 5.80% 5.85% 5.90% 6.00% 6.00%
44 Months 6.05% 6.10% 6.15% 6.25% 6.25%

Regular Deposits (Fixed & Variable Rates)

Period Monthly Income Plan Quarterly Option Half-Yearly Option Annual Income Plan Cumulative Option
12-23 Months 5.50% 5.55% 5.60% – 5.70%
24-35 Months 5.65% 5.70% 5.75% 5.85% 5.85%
36-59 Months 5.85% 5.90% 5.95% 6.05% 6.05%
60-83 Months 6.20% 6.25% 6.30% 6.40% 6.40%
84-120 Months 6.35% 6.40% 6.45% 6.55% 6.55%

Bajaj Finance Fixed Deposit

Bajaj Finance Fixed Deposit

On deposits maturing in 36 to 60 months, Bajaj Finance Fixed Deposit provides the maximum interest rate of up to 6.50 percent to the general public and up to 6.75 percent to senior persons. Bajaj Finance has achieved CRISIL’s FAAA/Stable and ICRA’s MAAA stable ratings, ensuring the safety of your deposit.

Tenors (Months) Regular Citizens Senior Citizens
12-23 5.51% to 5.65% 5.75% to 5.90%
24-35 5.94% to 6.10% 6.17% to 6.35%
36-60 6.31% to 6.50% 6.55% to 6.75%
With effect from 12th May 2021. Source: bajajfinserv.in

Sundaram Finance Fixed Deposits

Sundaram Finance Fixed Deposits

Sundaram Finance Fixed Deposits require a minimum deposit of Rs. 10,000/- per account and interest can be received through the RBI Electronic Clearing Service, NEFT, or cheques. Sundaram Finance deposits have been rated AAA for the past 30 years, indicating the safety of your capital. The below-listed interest rates are in force from August 08, 2021 for both regular and senior citizens.

Tenors (Months) Senior Citizen Others
Monthly Interest Rate %p.a(FD) Rate (% p.a at Quarterly rests for FD ) Monthly Interest Rate %p.a(FD) Rate (% p.a at Quarterly rests for FD )
12 5.97 6 5.48 5.5
24 6.12 6.15 5.62 5.65
36 6.27 6.3 5.77 5.8

LIC HFL Sanchay Deposit Scheme

LIC HFL Sanchay Deposit Scheme

CRISIL has given LIC Housing Finance Limited’s Sanchay Deposit Scheme an FAAA/Stable rating. The interest rates on public deposits up to Rs 20 crore are applicable from April 1, 2021, and are mentioned below. For deposits of Rs 20,000/- and above, but up to Rs 20 Crores on all tenors, senior persons would be entitled to an additional 0.25 percent p.a. interest rate.

TERM INTEREST RATE P.A. FOR MONTHLY OPTION INTEREST RATE P.A. FOR YEARLY OPTION
Non-Cumulative Deposits Cumulative & Non-Cumulative Deposits
1 YEAR 5.10% 5.25%
18 MONTHS 5.35% 5.50%
2 YEARS 5.50% 5.65%
3 YEARS 5.60% 5.75%
5 YEARS 5.60% 5.75%



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What Is SBI Recurring Deposit (RD) Scheme: Its Interest Rates And Benefits

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Interest rates under the SBI Recurring Deposit (RD) Scheme

The rate of interest under an RD scheme is the same as applicable to Term Deposits for Public and Senior Citizens.

Deposit tenure Interest Rates (PA) for Public Interest Rates (PA) for Senior Citizens
1 year to less than 2 years 5.00% 5.50%
2 years to less than 3 years 5.10% 5.60%
3 years to less than 5 years 5.30% 5.80%
5 years to 10 years 5.40% 6.20%

A Recurring Deposit (RD) is certainly qualitatively different from FDs, concerning an RD’s flexibility. Under any FD scheme, you are needed to deposit the money in the post office or a bank, one time in a lump sum. But under an RD scheme in any bank, you can invest a fixed amount monthly to earn good interest on the amount.

Deposit tenure and deposit amount

Deposit tenure and deposit amount

In SBI, you can choose your deposit tenure or the period of deposit from a minimum of 12 months, to a maximum of 120 months. The minimum deposit amount under the Recurring Deposit (RD) is Rs. 100 per month which will be multiplied in Rs. 10, for further investments further. However, there is no upper limit or fixed maximum deposit amount for the scheme. After the maturity of your RD scheme, you will be paid a lumpsum amount – that is the regular investments along with the interest earned. Hence, an RD is a good systematic saving-cum-investment instrument for the citizens. With the regular deposit opportunity and good interest rates, RDs will provide you flexibility and ease of investments.

Penalty

Penalty

If you fail to deposit the monthly installment under the scheme, the SBI will charge a penalty on your investment. For accounts with a maturity period of 5 years and less, your penalty will be Rs. 1.50 per Rs. 100 per month. For accounts with a maturity period above 5 years, your penalty will be Rs. 2.00 per Rs. 100 per month. SBI levies an ‘AA service charge’ of Rs. 10 on the Recurring Deposit (RD) accounts paid out on or after the date of maturity, wherein there is the default in payment of 3 or more consecutive installments and the account has not been regularized. Your account will be closed permanently if you do not pay the monthly installment for 6 consecutive periods. In that case, your balance will be paid to you.



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SBI Extends SBI Wecare Senior Citizens FD Scheme: Check Interest Rates

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Personal Finance

oi-Kuntala Sarkar

|

State Bank of India (SBI), the largest public sector bank in the country has introduced a special fixed deposit scheme for senior citizens in May, last year during the pandemic, called ‘SBI Wecare Senior Citizens Scheme’. It is a term deposit scheme aiming to provide a promising investment opportunity for Indian senior citizens with good interest rates. Now the bank has extended the offer till March, next year. Now, SBI has extended the duration of this scheme for the 5th time in a row, to benefit the senior citizens during this tough time. This scheme offers additional interest rates under the scheme than other FD.

SBI Extends SBI Wecare Senior Citizens FD Scheme: Check Interest Rates

SBI has officially informed, “A special SBI Wecare Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional interest of 30 bps (over and above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till March 31, 2022.” More interest in the term deposit scheme will certainly benefit the senior citizens who have subscribed to the scheme, or those who will opt for it. The additional interest is available both for renewal schemes and new subscribers.

Interest rate

The public sector bank will offer 30 bps more interest on the SBI Wecare Senior Citizens FD Scheme, as mentioned on their website. The additional interest will be given to the subscribers who have taken up the scheme for the tenor of 5 years or above. SBI provides a 5.40% interest rate on 5 years FD for common citizens, but the bank gives 6.20% interest under the special FD scheme for the senior citizens. Hence, that means under the SBI Wecare Senior Citizens FD Scheme, a senior citizen can earn 0.80% extra interest for 5 years, or more tenure. The interest rate for the SBI Wecare scheme for 1 year to less than 2 years is 5.50%, for 2 years to less than 3 years is 5.60%, for 3 years to less than 5 years is 5.80%, and for 5 years and up to 10 years, it is 6.20%. So, for 5 years or more, the scheme provides the highest interest rate. a senior citizen can earn interest with these rates on retail term deposits of less than Rs. 2 crores.

However, a senior citizen can also subscribe to the Senior Citizens Savings Scheme Account (SCSS), for a lucrative interest rate. The tenure of the SCSS is also 5 years.

Story first published: Saturday, October 16, 2021, 13:42 [IST]



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Bank of Baroda launches centralised agri-loans processing units

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Bank of Baroda (BoB) on Saturday launched centralised agri-loans processing units across 16 Zonal Offices.

Christened as the Centre for Agriculture Marketing and Processing (CAMP), the unit is a dedicated credit delivery model with a focus on financing non-traditional agricultural products and handling agri-marketing activities, the public sector bank said in a statement.

CAMP consists of trained manpower with an understanding of and exposure to high value credit accounts, it added.

The bank said it will also promote collaboration with local organisations for sourcing quality business.

Changing landscape

Sanjiv Chadha, MD & CEO, Bank of Baroda, said that the agriculture sector has been one of the very few sectors which has not only been resilient in the face of the ongoing pandemic but has also been growing. Further, a large number of agritech firms are changing the entire agri-ecosystem and landscape.

“This is resulting in newer opportunities for growth at a much reduced cost…As the country celebrates ‘Azadi ka Amrit Mahotsav’ (75 years of Independence), we are committed to invest in the sustainable growth of the agri and allied industries,” Chadha said.

Also see: ₹28,655-crore Centre’s subsidy on fertilisers for rabi season to benefit farmers, industry

Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, said that in the changing market scenario, CAMP will promote adoption of new and innovative agriculture products and practices, resulting in the bank having a diversified agriculture advances portfolio.

Meanwhile, BoB on Saturday launched the 4th edition of ‘Baroda Kisan Pakhwada’, a fortnight long farmer engagement programme.

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This IPO Stock Has Risen 1600% Since Its Listing In Just 2 Years

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Investment

oi-Roshni Agarwal

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The IPO market is again abuzz and as of now while over 100 companies have applied their DRHP for market regulator’s approval, a number of them will likely hit the markets by the end of this financial year 2022. Interestingly, regardless of the market momentum, the one factor that promises good returns for IPO investors over the term of investment is the stocks’ fundamentals and this has what has played in the outstanding performance of the stock that we are listing out here for its phenomenal gains in just 2 years time.

This IPO Stock Has Risen 1600% Since Its Listing In Just 2 Years

This IPO Stock Has Risen 1600% Since Its Listing In Just 2 Years

IRCTC -listing 2 years back

The Indian railways catering company y made its debut 2 years back in the month of October. Against the issue price of Rs. 320, the stock is trading with gains of 1600 percent at a price of Rs. 5464 apiece on the NSE.

Why the recent gains?

The stock’s recent gains are to do with the stock split which its board approved in the ration of 1:5. The move has been to fuel more liquidity into the stock, allow for more investors into it. The board decided to split one equity share of the company at a face value of Rs 10 into five equity shares at a face value of Rs 2 each. This is subject to the approval of the Ministry of Railways.

With the stock split, the number of shares are increased that in fact is aimed at making the stock more affordable for retail investor class.

What lies ahead for IRCTC stock?

The uncharted plans of the catering and ticketing company of the Indian Railways such as its plans of coming up with adventure tour plans as well as customer-specific plans will enable the company to gain more revenue share.

Also, the recent spur in train ticket booking on account of easing of coronavirus situation in the country will be reflected in the company’s earnings due to be revealed on October 14, 2021.

Thus looking at all such scenarios, the stock is expected to hit a new high of Rs. 5800 in the short term.

Echoing with Avinash Gorakshkar’s views; Ravi Singhal, Vice Chairman at GCL Securities said, “IRCTC is aggressively focusing on its hospitality business. It is making fresh tie-ups with hotels, tour and travel service providers and local food suppliers. IRCTC is also giving special focus to its food chain business in running trains. Apart from this, IRCTC has made tie-ups with aviation companies as well. So, market has reaslised that in coming times, it is no more going to remain an Indian Railways’ e-ticket booking platform. It will emerge as A to Z hospitality service provider.”

Advising fresh investors to buy at current levels; Sumeet Bagadia, Executive Director at Choice Broking said, “IRCTC shares have strong support below Rs. 5000 levels. Those who have this stock in their portfolio should continue to hold the counter maintaining trailing stop loss at Rs. 4950 as it may go up to Rs. 5500 to Rs. 5800 in immediate short term. One can take fresh position in the counter at current levels maintain stop loss at Rs. 4950.”

GoodReturns.in

Story first published: Saturday, October 16, 2021, 12:35 [IST]



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CBDT Reported Over 2 Cr Income Tax Returns Filed On The e-Filing Portal

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Taxes

oi-Vipul Das

|

As of October 13th, 2021, the Income Tax Department’s e-filing website (www.incometax.gov.in) has received over 2 crore Income Tax returns. Until October 13th, 2021, over 13.44 crore unique taxpayers have been newly registered.

Approximately 54.70 lakh taxpayers have used the ‘forgot password’ feature to retrieve their credentials. E-filing is now accessible for all Income Tax Returns. Over 2 crore ITRs for the fiscal year 2021-22 have been filed on the platform, with ITRs 1 and 4 accounting for 86% of the total.

CBDT Reported Over 2 Cr Income Tax Returns Filed On The e-Filing Portal

Over 1.70 crore returns have been e-verified, with 1.49 crore using Aadhaar-based OTP. E-verification by Aadhaar OTP and other means is required for the Department to begin processing the ITR and initiate refunds, if applicable. Over 1.06 crore ITRs have been processed from the validated ITRs 1 and 4, and over 36.22 lakh refunds have been granted for the fiscal year 2021-22. The processing of ITRs 2 and 3 will begin soon.

The Digital Signature (DSC) registration of non-residents has been enabled and overall 4.87 lakh DSCs have been registered. In the simplified process of DSC registration, any individual has to register his DSC only once and can use it across any entity where the individual is a partner, director, etc without having to re-register again against each entity or role, the Central Board of Direct Taxes (CBDT) has reported in a statement issued on 14th October 2021.

According to the statement of CBDT, Over 15.72 lakh Statutory Forms have been submitted including 9.08 lakh TDS statements, 1.29 lakh Form 10A for registration of Trusts/institutions, 1.98 lakh Form 10E for arrears of salary, 23,920 Form 35 pertaining to the filing of Appeal and 22,075 DTVSV Form 4 till 13th October 2021. In response to feedback from taxpayers, the submission process of 15CA and 15CB forms required for foreign remittances have been revamped. Over 1.83 lakh 15CA and 37,870 15CB forms have been filed. More than 21.40 lakh ePANs have been allotted online free of cost. The Legal Heir functionality has been enabled for registrations and compliance.

Furthermore, e-proceedings and faceless proceedings now include video conferencing options for assessment and requesting adjournments or appointment and submissions by Authorized Representatives. Over 12.20 lakh Notices were granted by the Department under the Faceless Assessment/Appeal/Penalty procedures, to which over 6.24 lakh responses were recorded.

All taxpayers should view their Form 26AS through the e-filing portal to verify the accuracy of the TDS and Tax Payments and avail of pre-filling of ITRs. And also all taxpayers who are yet to file their Income Tax returns for AY 2021-22 are requested to file their returns at the earliest, said the income Tax Department in a statement.

The new portal was launched on 7th June 2021 and in the initial period, taxpayers had reported glitches and difficulties in the functioning of the portal. A number of technical issues have since been resolved and the performance of the portal has substantially stabilized, CBDT further clarified.

Story first published: Saturday, October 16, 2021, 11:52 [IST]



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