A week to go for Income Tax Return Filing - Act on time if you expect a Bronze / Sliver / Gold 'Certificate of Appreciation' from IT
Indians are getting ready to file their Income Tax Returns. After extensions, the last date for filing individual tax returns for AY20-21 filing is 31st December 2020, and most likely it won't be extended again.
Some Indian Income tax payers are eligible to receive a "Certificate of Appreciation" from the Income Tax Department.
This initiative of the Modi government is a step towards acknowledging the contribution of taxpayers. Taxpayers are eligible to receive a certificate of appreciation based on the amount of tax they paid. Depending on the amount of tax paid, the four categories identified by CBDT for individual taxpayers are:
- Platinum: For those taxpayers who have contributed Rs 1 crore and above as tax
- Gold: For those taxpayers who have contributed between Rs 50 lakh and Rs 1 crore as tax
- Silver: For those taxpayers who have contributed between Rs 10 lakh and Rs 50 lakh as tax
- Bronze: For those taxpayers who have contributed between Rs 1 lakh and Rs 10 lakh as tax
"This new initiative by the revenue department has spooked several high net-worth individuals (HNIs), while some others are happy with the idea. With income-tax offices across India set to invite up to top 100 tax payers in their regions for felicitation, several of these individuals have red-flagged data-privacy."