Income Tax Update: The Finance Minister said that 1 lakh tax notices have been issued in cases where people have hidden income and their income has been found to be more than Rs 50 lakh.
Income Tax: Finance Minister Nirmala Sitharaman has said that the central government has not increased the income tax rates, yet there has been an increase in tax revenue in the last 3 to 4 years. The Finance Minister said that tax evasion has been curbed. He said that due to bringing efficiency in the system of tax collection, tax collection has increased.
No tax on 7.27 lakh income in the new tax regime!
Finance Minister Nirmala Sitharaman said these things while addressing the tax officials on Income Tax Day. The Finance Minister said that in the new income tax regime, those whose annual income is Rs 7.27 lakh are not required to pay income tax under the new tax regime. The Finance Minister said that for the first time in the new income tax regime, standard deduction of Rs 50,000 has been included.
Relief from Pre-Filled ITR
The Finance Minister said that apart from being transparent, it is very important for the Income Tax Department to be taxpayer friendly. He said that taxpayers have got a lot of relief due to the pre-filled ITR form. Many taxpayers later came to know that they had made an FD 10 years ago which they had forgotten. But due to pre-filling, they have come to know about it.
Notice to those hiding income above Rs 50 lakh
The Finance Minister said that there is talk of increasing the tax base through pressure with awareness. He said that the Income Tax Department is moving towards a taxpayer-friendly regime. The Finance Minister said that notices are being issued only to those people who have hidden their income. Or notice has been issued to those who have not filed income tax return. The Finance Minister said that one lakh notices have been issued in cases where income has been found to be more than Rs 50 lakh. He said that these matters would be settled by March 2024. The Finance Minister said that after the order of the Supreme Court, 55,000 one time tax cases have been opened.
ITR processing in 16 days
Revenue Secretary Sanjay Malhotra said that in the last six years, except for the year of Kovid, the tax collection has been excellent. 72 lakh income returns have been filed in a single day. He said that the average time for processing income tax returns has come down to 16 days. He said that there is a need for more automation in the services of taxpayers.
4 crore ITR filed
Central Board of Direct Taxes CBDT Chairman Nitin Gupta said that for the assessment year 2023-24, 4 crore income tax returns have been filed so far, which is 6.5 percent more than the previous year till this period. He said that this year more than 80 lakh refunds have been processed. He said that on the front of income tax collection, there is a growth of 16 percent as compared to last year.
