Ministry of Labour & Employment

EPFO extends date for applications regarding pension on Higher wages

Dated: 13 MAR 2023

Supreme Court had held that the employees who have retired before 1st September 2014 and had exercised option under paragraph 11(3) prior to their retirement shall be eligible for pension on higher wages. Instructions in this regard had been issued to field offices vide circular dated 29.12.2022 and 05.01.2023. Online facility for submitting applications for validation of joint options to the employees who retired before 01.09.2014 and had exercised joint options before their retirement had been provided on the EPFO Website till 03.03.2023.

Now, on demand of the employees’ / employers’ associations the Chairman, Central Board of Trustees has extended the time for submitting applications for validation of joint options from such employees till 3 May 2023.

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MJPS

(Release ID: 1906600)

Ministry of Finance

CBDT’s e-Verification Scheme harnesses information technology to facilitate voluntary compliance

On a pilot basis information of financial transactions pertaining to 68,000 cases from FY 2019-20 taken up for e-Verification

e-Verification completed in approximately 35,000 cases out of 68,000 cases in the above pilot study

Dated: 13 MAR 2023

The Income Tax Department has taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administration. One such major initiative is the   e-Verification Scheme, 2021 (the “Scheme”) which was notified on 13^th December, 2021.

Using information technology effectively, the Scheme aims to share and verify such financial transaction information with the taxpayer which appears to be either unreported or under-reported in the Income Tax Return (ITR) filed by the taxpayer.

The Department has been collecting information of financial transactions from multiple sources. Earlier, a part of it was shared with the taxpayer in the 26AS Statement. However, with a view to effectively utilize the data collected from various sources, the entire information is now displayed to the taxpayer through the Annual Information Statement (AIS). The AIS provides a facility to the taxpayer to object to any information if the Source has misreported any such information. The Department confirms the said information with the Source and if the Source states that there is no error, the said information is subjected to risk assessment for e-Verification.

The entire process of e-Verification is digital, with notices issued electronically and responses by the taxpayers also submitted electronically. On completion of the enquiry, a verification report is prepared electronically without any physical interface with the taxpayer.

The Scheme is extremely beneficial to taxpayers as it enables the taxpayer to explain the financial transaction with evidence. It also helps in data correction/cleaning and thereby prevents initiation of proceedings on misreported information. Further, since the information pertaining to the financial transactions is shared with the taxpayer, it provides an opportunity to correct /update income that may not have been appropriately reported in the ITR filed by the taxpayer. In other words, as the e-Verification Scheme makes the taxpayer aware of the risks, it nudges him/her towards voluntary compliance by providing an opportunity to the taxpayer to Update the return of income under section 139(8A) of the Income-tax Act,1961.

On a pilot basis, in about 68,000 cases, information of financial transactions pertaining to FY 2019-20 has been taken up for e-Verification. Details of the transactions have been initially shared with the individual taxpayer through e-campaign. So far, e-Verification has been completed by the designated Directorate in approximately 35,000 cases and remaining are under verification.

As the Scheme has provided an opportunity to the taxpayers to accept the mismatch of information vis-à-vis the original ITR filed, it is found that many taxpayers have filed Updated ITRs.

To facilitate a better understanding of the Scheme and the various processes involved therein, the FAQs on e-Verification Scheme, 2021 are available on www. incometaxindia.gov.

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PPG/KMN
(Release ID: 1906498)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

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New Delhi, 11 th March, 2023

PRESS RELEASE

Direct Tax Collections for F.Y. 2022-23 up to 10.03.2023

The provisional figures of Direct Tax collections up to 10 th March, 2023 continue to register steady growth. Direct Tax collections up to 10 th March, 2023 show that gross collections are at Rs. 16.68 lakh crore which is 22.58% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year. This collection is 96.67% of the total Budget Estimates and 83.19% of the Total Revised Estimates of Direct Taxes for F.Y. 2022-23.

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 18.08% while that for PIT (including STT) is 27.57%. After adjustment of refunds, the net growth in CIT collections is 13.62% and that in PIT collections is 20.73% (PIT only)/ 20.06% (PIT including STT).

Refunds amounting to Rs.2.95 lakh crore have been issued during 1 st April, 2022 to 10 th March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year.

(Surabhi Ahluwalia)

Pr. Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

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