Tax collections to continue rising trend in coming months: Experts

Sep 26, 2022

The trend of increase in income tax collection is expected to continue in the coming months on increased compliance, higher corporate profitability and increased trade in festive season, experts said.The gross direct tax collection grew 30 per cent to Rs 8.36 lakh crore in the April to mid-September period of the current fiscal on increased corporate tax and personal income tax (PIT) mop up due to increased economic activity.

General

42% small businesses, startups finding it difficult to file tax return, audit report by Sep 30 deadline: Survey

Sep 27, 2022

Ease of doing business for MSMEs: A pan India survey of small businesses and startups by community social media platform LocalCircles on Monday said 42 per cent of 5,788 respondents are finding it difficult to meet September 30 deadline to file their tax return and audit report. 16 per cent of respondents said “it will be a significant effort” filing by this month-end while 26 per cent admitted it would be “impossible to file” by September 30 and hence requested an extension by 30-45 days. In contrast, 49 per cent of respondents said they have already filed their tax returns and audit reports.

Audits

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

• Sep 28, 2022
  The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday.Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22.“The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal,” Gupta said.At the Finance Minister’s Award ceremony for CBDT officers, Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day.July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal.

Income Tax

Finance minister Nirmala Sitharaman asks I-T department to quickly process ITRs, refunds

• Sep 28, 2022
  
  

• Finance minister Nirmala Sitharaman on Tuesday asked the Income-Tax department to quickly process tax returns, issue refunds and redress grievances.Sitharaman said pending cases need to be resolved expeditiously and that the department could run a campaign for this on the lines of public sector banks
  Despite Covid-19 related challenges,she said direct tax collections had sustained the momentum and use of technology had closed the gap between direct tax and indirect tax collections.
  She outlined three 'R's that the department should follow -- quicker processing of returns, speedier refunds and redressal of grievances. "What is well within you and never going to change and never needs anything more are these three 'R's," Sitharaman said at an event of the CBDT.

Income Tax

I-T notices being sent to winners of online games for short-payment of tax: CBDT chief Nitin Gupta

• Sep 28, 2022
  
  

• With Rs 58,000 crore prize money won in the last three years, the income tax department has started issuing notices to individuals who have played and won online games, CBDT Chief Nitin Gupta said on Tuesday.
  The department has started alerting the winners on the tax compliance dashboard wherever there is a mismatch in income and tax payments.
  "We have mounted an action in this (online gaming) sector and determined that Rs 58,000 crore winnings were there in last 3 years. The data is with us. We are in the process of issuing notices," Gupta said.
  He said the notices are being put up on the tax compliance portal and winners are being nudged to pay due taxes."They are expected to voluntarily comply to payment of taxes," Gupta said.He also said the department undertakes enforcement action wherever it finds that data is backed by evidences and in such cases notices are issued.

Income Tax

Nirmala Sitharaman sets out three principles for income tax officials

• Sep 29, 2022

Finance minister Nirmala Sitharaman on Tuesday urged the income tax department to assess tax returns and process tax refunds even faster and redress pending grievances of assessees as she set a new three-point governing principle for the tax department.
The minister acknowledged that with use of technology, tax returns are now assessed and refunds are issued quickly but further improvements in this will fetch more goodwill to the department. The minister also told officials to resolve pending grievances.

Income Tax

Government extends deadline for filing tax audit report till Oct 7

• Oct 01, 2022
  

  The income tax department extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30."On consideration of difficulties faced by the taxpayers and other stakeholders in the filing of various reports of audit for the Assessment Year 2022-23, Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September 2022 to 07th October 2022," an official statement said.Under the income tax act, those taxpayers who need to get their accounts audited by a chartered accountant are required to file the tax audit report with the I-T department by September 30.

Audits

Gross direct tax revenue jumps 24 pc to Rs 8.98 lakh cr; net collections cross 52 pc of budget target

Oct 10, 2022

The gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year to Rs 8.98 lakh crore, the tax department said on Sunday.This includes a 32 per cent growth in personal income tax (including Securities Transaction Tax) mop up and 16.73 per cent increase in corporate tax revenues over the same period last year.

General