Finance Minister Nirmala Sitharaman revealed that the government has issued one lakh notices to individuals for not filing income tax returns and cases of misrepresentation of income. The minister stated that the notices were sent for incomes near ₹50 lacks and are anticipated to be resolved by the end of this fiscal year.
During the 164th Income Tax Day, Nitin Gupta, the chairperson of CBDT, disclosed that over 4 crore income tax returns (ITRs) have been filed for the fiscal year 2022-23, with the government having already processed more than half of them, leading to refunds amounting to ₹80 lacks.
Nitin Gupta highlighted that the income tax department’s limited manpower is hindering improved outcomes. The senior officer urged Finance Minister Nirmala Sitharaman to promptly approve the cadre restructuring proposal.
Direct tax collections witnessed a significant surge of 17.67% during the fiscal year 2022-23, with the income tax department amassing ₹16.61 lakh crore in taxes, according to the CBDT chairperson, Nitin Gupta. This impressive performance has surpassed both the government’s budget and revised revenue collection estimates, highlighting the dedication of the tax department’s cadre. The current growth rate for direct tax collection stands at 16% over the previous year, with 7.78 crore income tax returns filed during the 2022-23 financial year, marking a 6.5% increase from the previous year.
Nitin Gupta emphasized that the income tax department is diligently following the government’s guidelines to expedite return processing and ensure swift refund issuance. Remarkably, the department has successfully reduced the processing time for Income Tax Returns (ITRs) to just 16 days. Last year, an astonishing 42% of ITRs were processed within a single day, a significant improvement that reflects the department’s commitment to providing efficient services to taxpayers.
As the fiscal year progresses, the income tax department remains determined to carry forward its success and continue its tireless efforts to enhance tax compliance, foster economic growth, and build a financially stable and prosperous nation for all its citizens.
