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IT refund will take time this year . They are going to scrutinize the returns very strictly. For this, they are adapting the specially designed, self automated and modified artificial intelligence software program (AI) for scrutinizing the field of ITR. This program will first collect the data linked with your PAN card, then it will automatically follow the linked data with your Aadhar card.

After this the AI will tally the transactions linked with your aadhar and PAN to the bank accounts attached. Now it will collect all details of fixed deposits, quarterly interests credited, share dividends, share transactions, mutual fund and shares long term and short term gains of all bank accounts you declared & attached yourself with your income tax ITR returns filed by you. Now it will start tallying the undeclared bank accounts on your name and *also with the joint bank accounts where you are second and third holder*.

It will also search the postal accounts and bank accounts with all cooperative banks, local credit institutions (पतसंस्था), postal fix deposits, interests, postal RDs, MIS, senior citizen saving schemes etc either single or jointly with second name where your investments are made with the family members who are non registered ITR filers.

The PAN card will now be checked with the government registry office for any *Land and immovable properties transactions* in the current and previous three years.

After all this complicated workout the debit cards, credit cards transactions, passport, visa attached tour details, two & four wheeler purchase or sale etc.

The complete data collected will be tallied with data you declared & filed in your Income Tax Return. Also will be tallied with TDS in AS26 data.

The decleared and *undeclared* factual income tax will be calculated automatically and demand will be sent to you under 143(i).

The full proof automated AI-ITR program is successfully finalized & tested. And will be implemented for the first time from *this year* now.

So income tax processing is delayed somewhat. All the ITRs are expected to be processed late in the last week of July or max in the first week of August.

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📌Important Key Highlights of the 51st GST Council Meeting

📢The 51st GST Council meeting took place on August 2, 2023, chaired by Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman.

✔️In the 50th meeting on July 11, 2023, the GST Council discussed the Second Report of the Group of Ministers (GoM) on Casinos, Race Courses, and Online Gaming.

✔️The Council recommended taxing actionable claims in Casinos, Horse Racing, and Online Gaming at a rate of 28% on the full face value, regardless of whether they involve skill or chance.

✔️The Council proposed amending the CGST Act 2017 and IGST Act 2017, including changes to Schedule III of CGST Act, to provide clarity on the taxation of these activities.

✔️An amendment to the IGST Act, 2017 was suggested to establish GST liability for online money gaming supplied by foreign entities to individuals in India. This involves a simplified registration scheme and consequences for non-compliance.

✔️For valuation purposes, online gaming and actionable claims in casinos would be assessed based on the amount paid to the supplier by the player, excluding previous winnings used for bets.

✔️Specific provisions for valuation of online gaming and actionable claims in casinos were proposed to be added to the CGST Rules, 2017.

✔️Notifications and amendments related to these changes were recommended.

✔️ The Council aimed to implement these amendments from October 1, 2023.

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