Finance Minister of India – Nirmala Sitharaman
Finance Minister of India – Nirmala Sitharaman has made a crucial announcement in the later part of Monday. She announced that the government of India has dispatched about one lakh notices to people. Notices were sent for not filing income tax returns and misrepresentation of income. The minister further stated that the notices were sent to the people who had an income slab of more than or close to Rs. 50 lakh. They will have to clear all their dues by the end of this fiscal.
4 crore Income Tax Returns filed
Chairperson of Central Board of Direct Taxes (CBDT), Nitin Gupta addressed the 164th Income Tax Day. He informed that for the financial year 2022-23, more than 4 crore ITR (Income Tax Returns) have been filed. The government has processed more than half of the ITRs which have been filed. Surprisingly, it has resulted in worth Rs. 80 lakhs refunds.
Apart from this, Mr. Gupta expressed himself on the limited amount of employees in the income tax department. This lack of manpower is acting as a hindrance in putting up better results in front of the public.
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Direct Tax Collection up by 17.67 percent
The CBDT chairwoman stated that the income tax department has collected 16.61 lakh crore in taxes during the 2022–23 fiscal year, which is 17.67% higher than last fiscal. Direct tax collections, which comprise corporate tax and personal income tax among others, are also making amazing “strides.”
Nitin Gupta stated that the fact that the tax collections exceeded both the budget and the revised expectations given by the government for revenue collections is a credit to the diligence of our cadre. “Our growth rate (for direct tax collection) over the previous year is currently 16 percent. We filed 7.78 crore income tax returns during the fiscal year 2022–2023, up 6.5 percent from the prior year, according to the CBDT director.
He continued by saying that the government’s directives for “quicker processing of returns and the speedy issue of refunds” are being carefully worked upon. During the previous fiscal year, more than 42% of ITRs were handled in a single day, according to Nitin Gupta, who also mentioned that the department had cut the ITR processing time to just 16 days.
