Home Income tax Corporate Income tax IT Dept Retrieves INR 73,500 Cr in Pending Dues for the FY 2023-24

IT Dept Retrieves INR 73,500 Cr in Pending Dues for the FY 2023-24

IT Dept Retrieves INR 73,500 Cr in Pending Dues for the FY 2023-24
INR 73,500 Crore Collected By IT Dept for FY24

Rs 73,500 crore has been efficiently recovered by the revenue tax division within the pending dues for the FY 2023-24 as much as March 15. The identical restoration reveals an increase as in comparison with the previous fiscal yr’s assortment of Rs 52,000 cr.

The company tax dues amounted to Rs 56,000 crore, and private revenue tax comprised Rs 16,500 crore, out of the overall recovered quantity. Rs 50 crore is the undisclosed revenue from the international property.

The identical comes as a portion of the centered restoration plan that has the target of accelerating the gathering of the excellent tax arrears.

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Whereas furnishing the year-wise particulars of excellent dues is troublesome, the gathering has witnessed a outstanding rise. It averaged eight per cent of the annual excellent till 2021-22, elevated to 10.78 per cent in 2022-23, and has achieved round 17 per cent within the present fiscal yr. Pending tax arrears, which exceeded Rs 21.94 trillion as of January 31, 2023, from Rs 15 trillion in April 2021, have been a significant concern for the tax division.

To replace the database measures are in course of to make sure preciseness, definitely within the instances the place the taxes had been filed however not proven within the system. Such actions align with the devotion of the council to boost the assessed providers and keep the taxation regime integrity.

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Income Secretary Sanjay Malhotra emphasised the continuity of the taxation regime. He witnessed the numerous buoyancy in private revenue tax, attributing it to the advantages furnished to taxpayers lately.

The devotion of the federal government is been emphasised by Malhotra to enhance the taxpayer’s providers, specializing in rationalization, simplification, and trust-based taxation. Addressing the non-extension of the concessional tax system for the corporates past March 31, 2024, he specified that the corporations had been furnished sufficient time to say the benefit and that the present taxation charge of twenty-two% for the corporates is more likely to acknowledge the financial system dimension.

Malhotra concluded, “Underneath these elements, it was decided that the concessional tax regime ought to sundown as deliberate,”.


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