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Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 23rd January, 2024
Press Release
Release of Direct Tax Statistics
Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Consolidated Time-Series data as updated upto F.Y. 2022-23. The key highlights of some of these statistics are as under:
(i) Net Direct Tax Collections have increased by 160.52% from Rs. 6,38,596 crore in F.Y. 2013-14 to Rs. 16,63,686 crore in F.Y. 2022-23.
(ii) Gross Direct Tax Collections of Rs. 19,72,248 crore in F.Y. 2022-23 have registered an increase of over 173.31% compared to Gross Direct Tax Collections of Rs. 7,21,604 crore in F.Y. 2013-14.
(iii) Direct Tax to GDP ratio has increased from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23.
(iv) The Cost of collection has decreased from 0.57% of total collection in the F.Y. 2013-14 to 0.51% of total collection in the F.Y. 2022-23.
(v) The total number of ITRs filed in FY 2022-23 stands at 7.78 crore showing an increase of 104.91% as compared to total number of ITRs of 3.80 crore filed in FY 2013-14.
The availability of the Time-Series data in public domain will be useful for academicians, research scholars, economists and the public at large in studying long-term trends of various indices of the effectiveness and efficiency of Direct Tax administration in India. This time series data is available at www.incometaxindia.gov.in.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New Delhi, 11 th January, 2024
Press Release
Direct Tax Collections for F.Y. 2023-24 up to 10.01.2024
The provisional figures of Direct Tax collections up to 10 th January, 2024 continue to register steady growth. Direct Tax collections up to 10 th January, 2024 show that gross collections are at Rs. 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24.
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only)/ 27.22% (PIT including STT).
Refunds amounting to Rs. 2.48 lakh crore have been issued during 1 st April, 2023 to 10 th January, 2024.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media and Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New Delhi, 10 th January, 2024
Press Release
Income Tax Department conducts search operations in Mumbai
Income Tax Department initiated search and seizure operations in the case of a group, engaged in the manufacturing of wires and cables and other electrical items on 22.12.2023. Some of the authorized distributors of the group were also covered in the search. The search action was conducted at more than 50 premises located in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol and Delhi.
During the course of the search operation, a large number of incriminating evidences in the form of documents and digital data have been found & seized. These evidences reveal modus-operandi of tax evasion adopted by the group in connivance with some of the authorised distributors. Preliminary analysis suggests that the flagship company indulged in unaccounted cash sales, cash payments for unaccounted purchases, non-genuine transport and sub-contracting expenses, etc for suppression of its taxable income.
Credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around Rs. 1000 crore which are not recorded in the books of accounts. Evidences of unaccounted cash payments of more than Rs. 400 crore made by a distributor, on behalf of the flagship company towards purchases of raw materials, have also been seized. Further, non-genuine expenses in the nature of sub-contracting expenses, purchases and transport expenses, etc. aggregating to about Rs. 100 crore have also been identified in the seized evidences from the premises of the flagship company.
The search action also resulted in determination of unexplained transactions undertaken by the distributor for issuing bills without genuine supply of goods whereas such goods have been sold in open market in cash. Thus, the authorized distributor facilitated certain parties to inflate their purchase accounts, which aggregate to about Rs. 500 crore. This distributor exclusively sells products of the flagship company.
During the course of search operation, unaccounted cash exceeding Rs. 4 crore, has been seized and more than 25 bank lockers have been put on restraint.
Further investigations are in progress.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New Delhi, 1st January, 2024
Press Release
A New Record for CBDT! Over 8.18 crore ITRs filed for A.Y. 2023-2024
The Income-tax Department appreciates taxpayers and tax professionals for making compliances in time, leading to a surge in filing of Income-tax Returns (ITRs), resulting in a new record of 8.18 crore ITRs for the A.Y. 2023-2024 filed upto 31.12.2023 as against 7.51 crore ITRs filed upto 31.12.2022. This is 9% more than the total ITRs filed for A.Y. 2022-23. The total number of audit reports and other forms filed during the period is 1.60 crore, as against 1.43 crore audit reports and forms filed in the corresponding period of preceding year.
It is heartening to note that a large number of taxpayers did their due diligence by comparing data of their financial transactions by viewing their Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). A substantial portion of the data for all ITRs was prefilled with data pertaining to salary, interest, dividend, personal information, tax payment including TDS related information, brought forward losses, MAT credit, etc to further ease compliance by taxpayers. The facility was used extensively, resulting in smoother and faster filing of ITRs.
Further, during this F.Y. 2023-2024, a digital e-pay tax payment platform - TIN 2.0 was made fully functional on the e-filing portal, replacing the OLTAS payment system. This enabled user-friendly options for e-payment of taxes such as Internet Banking, NEFT/RTGS, OTC, Debit Card, payment gateway and UPI. TIN 2.0 platform has enabled real time credit of taxes to taxpayers which made ITR filing easier and faster.
To encourage taxpayers to file their ITRs and Forms early, over 103.5 crore outreaches were made through targeted e-mail, SMS and other creative campaigns. Such concerted efforts led to fruitful results with 9% more ITRs being filed for A.Y. 2023-24 till 31.12.2023. The e-filing Helpdesk team handled approximately 27.37 lakh queries from taxpayers during the year upto 31.12.2023, supporting the taxpayers proactively during the peak filing periods. Support from the helpdesk was provided to taxpayers through inbound calls, outbound calls, live chats, WebEx and co-browsing sessions. Helpdesk team also supported resolution of queries received on the X(Twitter) handle of the Department through Online Response Management (ORM), by proactively reaching out to the taxpayers/ stakeholders and assisting them for different issues on near real-time basis.
The Department expresses gratitude to all taxpayers and tax professionals for the support in compliances in filing of ITRs and Forms. Taxpayers are also requested to verify their unverified ITRs if any, within 30 days of filing the ITR to avoid any consequences.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
CBDT, vide Circular No. 20/2023 dt. Dec 28, 2023, issues TDS Guidelines under Section 194-O applicable to e-commerce operators; The Circular addresses issues such as: (i) TDS liability in case of multiple e-commerce operators in a transaction, (ii) scope of gross amount w.r.t. convenience fees or commission or logistics & delivery fees, (iii) GST and other state levies vis-a-vis gross amount for TDS, (iv) adjustment of purchase returns, (v) treatment of discounts.
Click here to read and download the CBDT Circular