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The Comptroller and Auditor General (<keyword id="19900713" type="General" weightage="20" keywordseo="CAG" source="keywords">CAG</keyword>) has asked the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="153" meta.entityid="Finance Ministry">Finance Ministry</keyword> to identify <keyword id="22837132" type="General" weightage="20" keywordseo="high-risk-taxpayers" source="keywords">high risk taxpayers</keyword> in the <keyword id="20981418" type="General" weightage="100" keywordseo="GST-composition-scheme" source="keywords">GST composition scheme</keyword> on a periodical basis and verify from other sources, including third parties, their declared <keyword id="22837745" type="General" weightage="20" keywordseo="value-of-sales" source="keywords">value of sales</keyword> to check <keyword id="20121097" type="General" weightage="20" keywordseo="tax-evasion" source="keywords">tax evasion</keyword>. Based on an analysis of 8.66 lakh composition taxpayers under the central jurisdiction between 2019-20 to 2021-22 fiscals, the Comptroller and Auditor General (CAG) found that a significant number of <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> taxpayers have a high risk of crossing the <keyword id="22837744" type="General" weightage="20" keywordseo="turnover-threshold" source="keywords">turnover threshold</keyword> for composition levy scheme (CLS). These high risk taxpayers were identified by audit from the data contained in GST returns viz. GSTR-4A, GSTR-7 along with third party data sources such as IT returns, 'Vahan' database etc. The GST composition scheme is available to taxpayers whose aggregate turnover, in the preceding financial year, has not exceeded Rs 1.5 crore. For taxpayers in special category states, this limit is Rs 75 lakh. The CAG said two major risk areas in respect of CLS taxpayers are under-declaration of the 'value of outward supply' by the taxpayers to continue in the scheme; and non-fulfillment of eligibility conditions for availing CLS. The audit also observed that there were certain CLS taxpayers who were continuing in the Scheme despite not fulfilling the eligibility criteria prescribed in the Act and the Rules, and a substantial number of CLS taxpayers were not discharging their obligatory responsibilities of filing returns and payment of tax under reverse charge. "The Ministry should identify high risk taxpayers in the CLS on a periodical basis using a risk-based approach and verify their declared value of outward supply from other sources including third parties to minimize the possibility of misuse by ineligible persons," the CAG said in a report tabled in Parliament recently. The official auditor also suggested that the Finance Ministry may develop a system of identifying ineligible taxpayers and take action to exclude them from the CLS in order to prevent misuse of the intended benefits of the scheme.

Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

<keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords" meta.keywordsubtype="org" meta.entityname="Bollywood" meta.hostid="153" meta.entityid="Bollywood">Bollywood</keyword> superstar <keyword id="19895142" type="General" weightage="20" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword> topped the list of <keyword id="23053555" type="General" weightage="100" keywordseo="celebrity-taxpayers" source="keywords">celebrity taxpayers</keyword> with <keyword id="20967066" type="General" weightage="20" keywordseo="advance-tax-payment" source="keywords">advance tax payment</keyword> of Rs 92 crore in 2023-24, followed by <keyword id="19979089" type="General" weightage="20" keywordseo="Tamil-actor" source="keywords">Tamil actor</keyword> 'Thalapathy' Vijay at a distant second, according to a list compiled by <keyword id="23047494" type="General" weightage="20" keywordseo="Fortune-India-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Fortune India Magazine" meta.hostid="153" meta.entityid="Fortune India Magazine">Fortune India Magazine</keyword>. Fortune India's 'The Star Cast' list is based on advance tax payments by celebrities and places film star <keyword id="19901647" type="General" weightage="20" keywordseo="Salman-Khan" source="keywords">Salman Khan</keyword> in the third position and Bollywood icon <keyword id="19898963" type="General" weightage="20" keywordseo="Amitabh-Bachchan" source="keywords">Amitabh Bachchan</keyword> in fourth place. <keyword id="19907934" type="General" weightage="20" keywordseo="Virat-Kohli" source="keywords">Virat Kohli</keyword> paid Rs 66 crore in advance tax in 2023-24 fiscal -- making him the highest taxpayer among cricketers in the country. "Shah Rukh Khan tops the list of celebrity taxpayers in FY24 while Tamil superstar 'Thalapathy' Vijay moves ahead of the likes of Salman Khan, Amitabh Bachchan and Virat Kohli to emerge second (Advance Tax payment, FY24)," Fortune India said. According to Fortune India, 'Thalapathy' Vijay paid an advance tax of Rs 80 crore, followed by Salman Khan (Rs 75 crore), and Amitabh Bachchan (Rs 71 crore). Many other well-known faces from the film and entertainment industry, including Ajay Devgn (Rs 42 crore), Ranbir Kapoor (Rs 36 crore), Hrithik Roshan (Rs 28 crore), Kapil Sharma (Rs 26 crore), Kareena Kapoor (Rs 20 crore) and Shahid Kapoor (Rs 14 crore) made it to the coveted list. Actors Mohan Lal and Allu Arjun both paid advance taxes of Rs 14 crore each and Kiara Advani (Rs 12 crore). Both Katrina Kaif and Pankaj Tripathi paid Rs 11 crore advance tax, while Aamir Khan shelled out Rs 10 crore in FY24. From the world of cricket, M S Dhoni paid an advance tax of Rs 38 crore, while legendary cricketers Sachin Tendulkar and Sourav Ganguly paid Rs 28 crore and Rs 23 crore, respectively, according to Fortune India list. Hardik Pandya paid Rs 13 crore, while Rishabh Pant paid Rs 10 crore in taxes.

Shah Rukh Khan, Thalapathy Vijay, Salman Khan in list of highest celebrity taxpayers: Fortune India

The government has relaxed provisions of <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword>/<keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords">TCS</keyword> in the event of the death of the deductee/collectee before the linkage of PAN and <keyword id="19898107" type="General" weightage="20" keywordseo="aadhaar" source="keywords">Aadhaar</keyword> card. TDS is Tax Deducted at Source and TCS is Tax Collected at Source in India. The Central Board of Direct Taxes (CBDT), has issued a circular dated August 5, in view of genuine difficulties being faced by taxpayers. Through the circular, the government said it has relaxed the provisions of TDS/TCS, as per the Income-tax Act, in the event of death of deductee/collectee before linking of PAN and Aadhaar. In order to redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before May 31, 2024 and before the option to link PAN and Aadhaar could have been exercised, the circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under the relevant section of <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">income tax act</keyword>, pertaining to the transactions entered into up to March 31, 2024. On April 23, 2024, CBDT extended the date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into up to March 2024) to avoid higher TDS/ TCS, as per the income tax act. Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017 and is eligible to obtain <keyword id="20030312" type="General" weightage="20" keywordseo="Aadhaar-Number" source="keywords">Aadhaar Number</keyword>, is required to intimate his Aadhaar to the prescribed authority, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the income tax act. As per government, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative and the consequences during the period that PAN remains inoperative will be as follows: 1. No refund shall be made against such PANs 2. Interest shall not be payable on such refund for the period during which PAN remains inoperative 3. TDS and TCS shall be deducted /collected at higher rate, as provided in the income tax act.

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

<ul class="summary-list"><li>Eric Adams hired Alex Spiro — also Elon Musk's lawyer — to represent him in his criminal case.</li><li>Spiro has been billing the city for a separate civil sexual assault lawsuit against the mayor.</li></ul>New York City taxpayers aren't on the hook for the legal bill in <a target="_blank" class="" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-indictment-timeline-corruption-investigation-2024-9">Eric Adams' federal bribery case</a>, a spokesperson for the mayor confirmed to Business Insider.Adams is <a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-indictment-elon-musk-favorite-lawyer-alex-spiro-2024-9">represented in the criminal case by Alex Spiro</a>, a former Manhattan prosecutor and one of the highest-profile lawyers in the country, representing the likes of Elon Musk and Alec Baldwin.Spiro had already been defending Adams in an unrelated civil sexual lawsuit case since April. For that case, Spiro was billing the city for his work — though <a target="_blank" class="" href="https://www.politico.com/news/2024/04/08/adams-lawyer-lawsuit-nyc-00151112">reportedly charging only $250 per hour</a> instead of the $2,025 per hour rate he's charged other clients.But New York City's coffers aren't being emptied for Spiro's work in the criminal case against Adams, according to Fabien Levy, the city's deputy mayor for communications."No, the city is not covering the costs of representation in this matter," Levy told BI in an email.Federal prosecutors in Manhattan have brought five criminal counts against Adams, accusing him of soliciting and accepting bribes from the government of Turkey in the form of luxury travel perks.<a target="_blank" class="" href="https://www.businessinsider.com/eric-adams-court-appearance-criminal-case-indictment-2024-9">Adams pleaded not guilty</a> to the charges in the indictment at an arraignment Friday afternoon, wearing a somber expression while sitting next to a relaxed-looking Spiro.In remarks to reporters following the court hearing, Spiro mocked the charges as "the airline upgrade corruption case" and said he would file a motion to dismiss — a step that normally takes months to prepare — on Wednesday.Alex Spiro didn't immediately return a request for comment from Business Insider on Friday afternoon.

New York City taxpayers aren't footing the bill for Eric Adams' criminal corruption case

The Retailers Association of India (RAI) on Friday called for <keyword id="20141385" type="General" weightage="20" keywordseo="lower-taxes" source="keywords">lower taxes</keyword> for individuals to generate demand and spur <keyword id="20018646" type="General" weightage="20" keywordseo="consumption" source="keywords">consumption</keyword> besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as <keyword id="20028294" type="General" weightage="20" keywordseo="electricity" source="keywords">electricity</keyword> for retailers ahead of <keyword id="6360189" type="General" weightage="100" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> FY25. Retailing in India accounts for about 10% of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger. "To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes. It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the "tax benefits and relief to individual <keyword id="59866" type="General" weightage="20" keywordseo="taxpayers" source="Orion">taxpayers</keyword> will increase the monthly disposable income and support consumption", the memorandum noted. Further, the budget should outline supportive policies, simplified regulations, skill development and simple goods and services tax (GST) norms to aid the development of the retail industry, RAI said. Asking for low-cost finance to retailers, the industry body said, "There is a need to provide lower interest rate to the retailers through the special announcement in the Budget to assure easier financing for the retail businesses." It also asked the government to consider the food and beverages retail sector as an essential service and said "subsidies and benefits should be given on land rates and other necessities such as electricity". RAI also said there is a need to expedite the formulation and implementation of '<keyword id="5649262" type="General" weightage="20" keywordseo="National-Retail-Policy" source="Orion">National Retail Policy</keyword>' to enable ease of doing business and that "such a step would provide a substantial boost to the retail sector". Stating that benefits to retail and wholesale trade MSMEs are restricted to priority sector lending only, RAI also recommended that retail and wholesale traders should be eligible for all benefits available to other MSMEs. Further, the retailers' body asked the Centre to encourage and incentivise states to adopt 'The Model Shops and Establishment (Regulation of Employment and Condition of Services) Act 2016 that enables states to choose to keep shops and other such establishments open 24X7 all through the year.

RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity

New Delhi: The <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">income tax department</keyword> has notified the <keyword id="21803475" type="General" weightage="100" keywordseo="Cost-Inflation-Index" source="keywords">Cost Inflation Index</keyword> for the current fiscal beginning April 2024, for calculating <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> arising from sale of immovable property, securities and jewellery. The Cost <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> Index (CII) is used by <keyword id="20081991" type="General" weightage="20" keywordseo="taxpayers" source="keywords">taxpayers</keyword> to compute gains arising out of sale of capital <keyword id="19975917" type="General" weightage="20" keywordseo="assets" source="keywords">assets</keyword> after adjusting inflation. The CII for <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2024-25, relevant to assessment year 2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes (<keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword>). The CII number for last fiscal was 348 and for 2022-23 financial year it was 331. Moore Singhi Executive Director Rajat Mohan said the CII reflects the inflation in the economy, which causes the prices of goods and services to increase over time. The index for the following financial year, 2024-25, has been updated to 363, marking an increase of 15 points, which corresponds to an annual inflation rate of approximately 4.3 per cent. "This is consistent with the retail inflation rate of 4.83 per cent recorded in April 2024. Taxpayers usually prefer a higher CII as it allows them to claim larger tax rebates," Mohan said. AKM Global Partner-Tax Sandeep Sehgal said the index is useful to adjust the capital gains for inflation, so that the taxpayers are taxed on real appreciation of the assets and not the gains due to inflation. "Taxpayers can use this to calculate gains for long-term capital assets sold during FY 24-25 and reduce the tax liability accordingly," Sehgal said. CII is notified under the Income-tax Act, 1961 every year. It is popularly used to calculate "indexed cost of acquisition", while calculating capital gains at the time of sale of any capital asset. Normally, an asset is required to be retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities) to qualify as 'long-term capital gains'. Since prices of goods increase over time resulting in a fall in the purchasing power, the CII is used to arrive at the inflation adjusted purchasing price of assets so as to compute taxable long-term capital gains (LTCG).

IT department declares 363 as cost inflation index for current fiscal

The <keyword id="19903456" type="General" weightage="20" keywordseo="Income-Tax-department" source="keywords">Income Tax department</keyword> on Wednesday said 'substantial <keyword id="20138064" type="General" weightage="100" keywordseo="tax-savings" source="keywords">tax savings</keyword>' are expected for a vast majority of taxpayers due to reduction in the <keyword id="22526761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long term capital gains</keyword> <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> (LTCG) rate in the <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> sector. The Budget has reduced tax rates on capital gains earned from sale of house properties held for long term, but has removed the <keyword id="22142879" type="General" weightage="20" keywordseo="indexation-benefit" source="keywords">indexation benefit</keyword> available to taxpayers. The LTCG has been reduced from 20 per cent with indexation benefit to 12.5 per cent without indexation for the real estate sector. The indexation benefit allowed taxpayers to compute gains arising out of sale of <keyword id="801267" type="General" weightage="20" keywordseo="capital-assets" source="Orion">capital assets</keyword> after adjusting inflation. In a post on X, the income tax department said the nominal real estate returns are generally in the region of 12-16 per cent per annum, much higher than inflation. "The indexation for inflation is in the region of 4-5 per cent, depending on the period of holding. Therefore, substantial tax savings are expected to a vast majority of such taxpayers," it said. Giving a comparison of benefits based on the holding period of the real estate property, the I-T department said the new <keyword id="22422932" type="General" weightage="20" keywordseo="tax-rate" source="keywords">tax rate</keyword> without indexation is beneficial in most cases. For property held for five years, the new regime is beneficial when property has appreciated 1.7 times or more, while for a property held for 10 years, it is beneficial when the value has increased 2.4 times or more. For a property purchased in 2009-10, if value has increased to 4.9 times or more, it is beneficial, it said. "From the above examples, it is clear that only where returns are low (less than about 9-11 per cent per annum) that the earlier tax rate is beneficial, but such low returns in real estate are unrealistic and rare," the I-T department said. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for taxpayers on properties bought or inherited before 2001. The changes in the tax rate have been made effective from July 23, 2024.

Majority of taxpayers to have substantial tax savings due to reduction of long term capital gains on real estate: IT Dept

The taxpayers and tax professionals made their compliances in time, leading to a surge in the filing of Income-tax Returns (<keyword id="20458564" type="General" weightage="20" keywordseo="ITRs" source="keywords">ITRs</keyword>), which resulted in a new record of ITRs filed till <keyword id="22468495" type="General" weightage="20" keywordseo="July-31" source="keywords">July 31</keyword>, 2024. July 31 was the last due date for filing the <keyword id="19948101" type="General" weightage="100" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword>, without having to pay any penalties. The total number of ITRs for assessment year 2024-25 filed till July 31, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for assessment 2023-24 (6.77 crore) filed, a <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> release stated on Friday. An increasing number of taxpayers have opted for the <keyword id="19935168" type="General" weightage="20" keywordseo="New-Tax-Regime" source="keywords">new tax regime</keyword> this year, the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">finance ministry</keyword> said. Out of the total ITRs of 7.28 crore that have been filed, 5.27 crore have been filed in the new tax regime, as compared to 2.01 crore filed in the old tax regime. Thus, about 72% of taxpayers have opted for the new tax regime, while the rest 28% continue to be in the old tax regime. The filing of ITRs peaked on July 31, 2024 (due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day. The <keyword id="20404575" type="General" weightage="20" keywordseo="e-filing-portal" source="keywords">e-filing portal</keyword> also observed its highest per hour rate of 5.07 lakh of ITR filing between 7:00 pm to 8:00 pm on July 31. A total of 58.57 lakh ITRs from first time filers were reported, a fair indication of widening of tax base. "A lot of emphasis was provided to educate taxpayers about old and new tax regimes. FAQs and educational videos on the same were designed and uploaded on the e-filing portal," the ministry said. Focused outreach campaigns were carried out on social media to encourage the taxpayers to file their ITRs early. Along with this, unique creative campaigns were also carried out on different platforms. Informational videos in 12 vernacular languages, apart from English and Hindi, were displayed on digital platforms. The ministry said it is encouraging to note that over 6.21 crore ITRs have been e-verified, out of which more than 5.81 crore are through Aadhaar-based OTP (93.56% ). Of the e-verified ITRs, more than 2.69 crore ITRs for the 2024-2025 have been processed (43.34%) till July 31, 2024. Note that e-verification is the final step in filing your ITR. If you do not e-verify your ITR within 30 days of filing it, your ITR will stand invalid. The e-filing Helpdesk team has handled approximately 10.64 lakh queries from taxpayers during the year up to July 31, supporting the taxpayers proactively during the peak filing period. Taxpayers are also requested to verify their unverified ITRs if any, within 30 days of filing the ITR. Taxpayers are urged, who for any reason, missed filing their ITR within the due date, to complete their filing expeditiously.

51 lakh, or 7.5% more Indians filed income tax returns this year; 72% of taxpayers opted new regime, notes FinMin data

<ul class="summary-list"><li>Rep. Shri Thanedar's face is splashed across several billboards in the Detroit area.</li><li>They're funded with at least $45,460 in taxpayer dollars via a practice known as "franking."</li></ul>If you're driving down a highway in the Detroit metro area, you're likely to come across at least one of them: a shiny billboard featuring Democratic Rep. Shri Thanedar's smiling face."REACH CONGRESSMAN SHRI 24/7," the tower advertisement typically blares alongside a link to Thanedar's official House website.But while the billboards are likely to boost Thanedar's profile and name recognition as he faces a competitive primary in Michigan's 13th congressional district, they're not paid for by his campaign.They're paid for by Thanedar's congressional office — which is funded via <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/which-lawmakers-spend-taxpayer-dollars-twitter-2023-9">taxpayer dollars</a>.It's unclear exactly how much of his office budget is going toward billboards. The congressman did not provide an exact figure to Business Insider, and records filed with the House of Representatives covering 2023 aren't entirely clear.But those records show that Thanedar's office spent nearly $327,000 on advertising in 2023, $45,460 of which went directly to two billboard companies: Lamar and Outfront Media.<div type="image" title="One of Thanedar's billboards in the Chadsey Condon neighborhood of Detroit." height="1500" width="2000" msid="108687667" hostid="261" sizebytes="728556"></div>Lawmakers have to communicate with their constituents, and that does cost money. But Thanedar's spending habits highlight the gray area that's long existed when it comes to so-called "franking" — an antiquated term that once referred to a lawmaker's signature on a piece of mail but now refers to all forms of taxpayer-funded mass communication by congressional offices.In a statement to Business Insider, Thanedar attributed the billboards and other mass communications to the state's 2022 redistricting, noting that his current district includes portions of previous districts represented by Democratic Reps. Rashida Tlaib and Debbie Dingell, as well as former Democratic Rep. Brenda Lawrence."My office received calls from constituents of neighboring congresswomen and vice versa," said Thanedar. "To address this, we significantly ramped up our outreach efforts through various media."Daniel Schuman, the director of governance at the POPVOX Foundation, said that the appropriateness of such spending comes down to factors like timing and the particular circumstances of the district's geography."Is it appropriate for a member to buy a billboard?" said Schuman. "The answer, I think, is that it depends."House records show that Thanedar's taxpayer-funded payments to billboard companies began in October, after it had <a target="_blank" href="https://www.politico.com/live-updates/2023/09/14/congress/house-dems-michigan-primary-challenge-thanedar-00115738">become clear</a> that he would face a challenge from State Sen. Adam Hollier, who Thanedar defeated in the crowded 2022 Democratic primary.<h2>The rules around 'franking'</h2>"Franking" has long been a gray area within American politics. The practice dates back to the country's founding, when government officials could use their signatures to disseminate information via the postal system without having to pay for stamps.Lawmakers still <a target="_blank" href="https://www.businessinsider.com/mike-garcia-earmarks-omnibus-government-spending-2024-1">send mail to their constituents</a>, but that's not all they can do with taxpayer money. They can also send texts and emails, cut radio ads, and even create billboards and TV ads.There are <a target="_blank" href="https://cha.house.gov/_cache/files/0/0/007fab34-97cc-419b-b063-70b9299445e7/0F8965C39CA29112125299E43FDF595C.communications-standards-manual---updated-9.21.23-34-.pdf">clear rules</a> barring members of Congress from using franking for overt political or campaign purposes, which are enforced by the House Communications Standards Commission and the Senate Ethics Committee.In other words, lawmakers can't use taxpayer money to create materials asking voters to support them in an upcoming election.Furthermore, lawmakers are prohibited from sending unsolicited mass communications for 60 days before any primary or general election — meaning Thanedar's billboards will have to come down by June 7, which is 60 days before Michigan's August 6 primary elections.<div type="image" title="Thanedar's billboard in Lincoln Park, Michigan." height="1500" width="2000" msid="108687668" hostid="261" sizebytes="252968"></div>There are currently no strict guidelines around the amount of money that members of Congress can spend on advertising — they just have to balance it against other expenses, including staff compensation, in their office budgets, which average roughly $1.9 million in the House and $4.1 million in the Senate.The Michigan congressman is by no means the only member of Congress to blur the lines when it comes to franking.Republican Rep. Bill Timmons of South Carolina has <a target="_blank" href="https://www.postandcourier.com/greenville/politics/william-timmons-adam-morgan-congress-sc-billboard-ads-mailers-franking/article_843e6928-db17-11ee-8faf-e7cfdff45251.html">reportedly increased</a> his own congressional office spending as he's faced a primary challenge from the right, and Democratic Rep. Sheila Cherfilus-McCormick is facing a House Ethics Committee probe that may relate to <a target="_blank" href="https://www.insideelections.com/news/article/the-congresswoman-cherfilus-mccormick-the-taxpayer-funded-tv-ads">taxpayer-funded TV ads</a> that closely resemble her campaign ads.But Thanedar's office appears to spend way more than the average House office on "franking." And there's little doubt the billboards help boost his profile."If it's just a billboard with your name and the URL… maybe that's a way of encouraging people to contact the office," said Schuman. "Does that work? I don't know. It could be just about name recognition."<h2>'Money spent on this takes away from other things'</h2>According to data from Legistorm, the average House office spent almost 78% of its budget on staffer compensation in 2023 — which accounted for just 38% of Thanedar's budget. On the other hand, the Michigan congressman spent 31.4% of his budget on printing and reproduction, nearly 10 times more than the average of 3.4%."My perspective is that there should be limits for the amount of money that you can spend on [franking]," said Schuman. "Money spent on this takes away from other things, like staff salaries."<div type="image" title="A chart comparing Rep. Shri Thanedar's office expenses to the average House member in 2023." height="810" width="1906" msid="108687669" hostid="261" sizebytes="44956"></div>HuffPost previously reported that Thanedar has <a target="_blank" href="https://www.huffpost.com/entry/shri-thanedar-detroit-congress-controversy_n_6580a94fe4b08e9b410b881d">faced scrutiny</a> over the large amounts of money he puts towards advertising, with sources telling the outlet that the billboards felt "more like campaign self-promotion than official communication."Thanedar now faces a primary challenge from Hollier, who's been endorsed by Michigan Secretary of State Jocelyn Benson, former Rep. Brenda Lawrence, and a bevy of state lawmakers and local officials.The congressman has faced allegations from neighboring Rep. Rashida Tlaib of providing <a target="_blank" href="https://www.businessinsider.com/rashida-tlaib-shri-thanedar-busy-posting-memes-israel-hamas-2023-10">poor constituent services</a>, and detractors of the congressman argue that the majority-Black district Detroit district should be represented by a member of that community."While he is busy posting memes, his residents are calling my office asking for my assistance because he is absent from doing his job," Tlaib told the Detroit News in October.Thanedar countered that in a statement to Business Insider on Thursday, saying his office has "quadrupled constituent calls" in the last year and resolved 84% of the more than 1,400 constituent cases his office has received."We are proud of our communications to our constituents, and in recent surveys, over 70% of our constituents rated our service fair to excellent," said Thanedar.

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