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Ministry of Finance
INTERIM BUDGET PROPOSES TO RETAIN TAX RATES FOR DIRECT AND INDIRECT TAXES
RELIEF FOR CERTAIN OUTSTANDING DIRECT TAX DEMANDS TO BENEFIT NEARLY 1 CRORE TAXPAYERS
Posted On: 01 FEB 2024
“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in the Parliament today.
To ensure continuity in taxation, the Union Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth or pension funds and tax exemption on certain income of some IFSC units till 31.03.2025.
In line with the Government’s vision to improve ease of living and ease of doing business, and to provide a relief to a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, Smt. Sitharaman proposed to withdraw such outstanding direct tax demands up to ₹25,000 pertaining to the period up to financial year 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about one crore tax-payers.
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YKB/NB/KS/AS/LPS
(Release ID: 2001156)
Ministry of Finance
HIGHLIGHTS OF THE INTERIM UNION BUDGET 2024-25
Posted On: 01 FEB 2024
With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament, today. The key highlights of the Budget are as follows:
Part A
Social Justice
‘Garib Kalyan, Desh ka Kalyan’
Welfare of ‘Annadata’
Momentum for Nari Shakti
PM Awas Yojana (Grameen)
Rooftop solarization and muft bijli
Ayushman Bharat
Agriculture and food processing
Research and Innovation for catalyzing growth, employment and development
Infrastructure
Railways
Aviation Sector
Green Energy
Tourism sector
Investments
Reforms in the States for ‘Viksit Bharat’
Revised Estimates (RE) 2023-24
Budget Estimates 2024-25
Part B
Direct taxes
Indirect taxes
Tax rationalization efforts over the years
Achievements in tax-payer services
Economy-then and now
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YB/NB/SNC/LP/KSS/RK/PD/CNAN
(Release ID: 2001130)
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
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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