During the 164th Income Tax Day, Union Finance Minister Nirmala Sitharaman revealed that notices were dispatched to individuals with income near 50 lakh, and she expects these matters to be resolved by the conclusion of this fiscal year.
New Delhi: On Monday, Union Finance Minister Nirmala Sitharaman disclosed that the government had issued one lakh notices to individuals who failed to file their income tax returns and those who misrepresented their income. These notices targeted individuals with incomes close to 50 lakh, and the Finance Minister anticipates resolving these matters before the end of the current fiscal year.
During the 164th Income Tax Day, Nitin Gupta, the Chairperson of the Central Board of Direct Taxes (CBDT), shared that more than 4 crore income tax returns(ITRs) have been filed for the fiscal year 2022-23. The government has already processed over half of these ITRs, leading to 80 lakh in refunds.
However, Nitin Gupta highlighted that the income tax department is facing a shortage of manpower, which is hindering efforts to achieve even better results. He urgently requested Finance Minister Nirmala Sitharaman to approve the cadre restructuring proposal to address this issue promptly.
Direct tax collections witness a significant increase, surging by 17.67%.
The income tax department has achieved remarkable progress in direct tax collections, which comprise personal income tax, corporate tax, and other categories. According to Nitin Gupta, the Chairperson of the Central Board of Direct Taxes (CBDT), the department collected 16.61 lakh crore in taxes during the 2022-23 fiscal year, marking a significant 17.67% increase compared to the previous fiscal year.
Gupta expressed pride in the cadre’s hard work, noting that the tax collections surpassed both the budget and revised estimates set by the government for revenue collections. The direct tax collection has been growing at a rate of 16% over the past year, and the financial year saw 7.78 crore income tax returns filed, representing a 6.5% increase from the previous year.
The income tax department is diligently following the government’s guidelines for faster processing of returns and issuing refunds promptly. As a result, the processing time for income tax returns has been reduced to just 16 days. Remarkably, more than 42% of the ITRs were processed within one day during the last fiscal year, demonstrating the department’s commitment to efficient operations.