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Celebrating the Importance of Taxes
- Union Finance Minister Nirmala Sitharaman will preside over the 164th Income Tax Day celebrations at Plenary Hall in Vigyan Bhawan on July 24.
Spreading Awareness for National Development
- Income Tax Day is observed annually on July 24 to raise awareness about the importance of taxes and to encourage citizens to contribute towards the development of the country through tax payments.
Achieving Tax Filing Milestones
- The Income Tax (I-T) department achieved a significant milestone by surpassing its previous year’s target of filing 3 crore Income Tax Returns (ITRs) well ahead of the deadline.
E-Verification and Processing
- Out of the over 3 crore ITRs filed for income earned in the 2022-23 fiscal year, 91% have been verified electronically. The I-T department tweeted that more than 1.50 crore ITRs have already been processed.
Crackdown on Tax Evasion
- In recent times, the I-T department has intensified its efforts to combat tax evasion. The department has flagged false or incorrect income tax returns submitted by salaried individuals, including cases of fake rent receipts, false donations, and exaggerated claims against loans.
Utilizing AI Technology for Detection
- To strengthen its enforcement measures, the I-T department has adopted new AI software to detect fraudulent tax submissions, making it harder for individuals to evade taxes.
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