Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.
“Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed,” the I-T department tweeted.
The 3 crore milestone in income tax return (ITR) filing has been reached 7 days earlier this year.
As per Section 14 of the Income Tax Act, for the purpose of charging tax and computation of total income, all incomes are classified under 5 Heads of Income.
Income from salary
Wages, pension, annuity, gratuity, fees, commission, profits, leave encashment, annual accretion, and transferred balance in recognised Provident Fund (PF) and contribution to the employee’s pension account are all part of the Income of salary.
Income from house property
Rental Income from properties owned by a person other than those which are occupied by him is charged as income from house property. If the property is vacant then a notional income is included under this head.
Income from profits and gain of business or profession
Income from business or profession includes profit/loss from a business entity or a profession, any interest, salary, or bonus to a partner of a firm.
Income from capital gains
Income from capital gains includes long-term capital gains (LTCG) and short-term capital gains (STCG) on the sale of any capital assets.
Income from other sources
Income from other sources includes interest on bank deposits and securities, dividends, royalty income, winning on lotteries and races, and gifts received among others.
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