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Click here to read and download CBDT Circular no. 19/2022
F.No. 370133/13/2022-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(TPL Division)
New Delhi, dated 28th September, 2022 ORDER
Sub: Order specifying the Collegium - Explanation to section 158AB of the Income-tax Act, 1961 -reg
In exercise of powers conferred under the Explanation to section 158AB of the Income-tax Act, 1961 (the Act), the Central Board ofDirect Taxes (read as 'Board') hereby specifies that for the purpose of deciding deferment of appeals before the Appellate Tribunal or the jurisdictional High Court by the Assessing Officer under section 158AB of the Act, a Collegium shall be constituted as under:-
|
Sl .No. |
Appeals in Jurisdiction |
Collegium to be Constituted By |
|
1. |
International tax and Transfer Pricing |
Pr. Chief Commissioner of Income-tax (International tax and Transfer Pricing) |
|
2. |
Exemption Charge |
Pr. Chief Commissioner of Income-tax (Exemptions) |
|
3. |
Central Charges |
Chief Commissioner of Income-tax (Central) or DGIT(Inv) - [Jurisdictional] |
|
4. |
All other cases |
Pr. Chief Commissioner of Income-tax (CCA) -[Jurisdictional] |
(ii) The Collegium shall comprise of three members who are officers of the rank of Principal Commissioner of Income-tax (PCIT) or Commissioner of Income-tax (CIT);
(iii) The members shall be:-
a. the PCIT or CIT having jurisdiction over the case in which deferment of appeal is to be decided under section 158AB(1); and
b. two other officers of the rank of PCIT or CIT nominated by respective Pr.CCIT/CCIT/DGIT mentioned in the table in (i) above;
(iv) The Collegium may co-opt one officer of the rank of PCIT or CIT if it so decides;
(v) The seniormost member of the Collegium shall act as the Chairperson of the Collegium.
2. This order comes into effect from the date of its issue.
3. Hindi version shall follow.
Click here to read and download CBDT Notification No. 110/2022 dt. Sep 19, 2022
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
Gross Direct Tax collections for the Financial Year (FY) 2022-23 register a growth of 30%
Net Direct Tax collections for the FY 2022-23 have grown at 23%
Advance Tax collections for the FY 2022-23 stand at Rs. 2,95,308 crore as on 17.09.2022 which shows a growth of 17%
Refunds aggregating to Rs. 1,35,556 crore have been issued in the current fiscal, higher by 83% over the preceding year
Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the Government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology.
The figures of Direct Tax collections for the FY 2022-23, as on 17.09.2022 show that net collections are at Rs. 7,00,669 crore, compared to Rs. 5,68,147 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, representing an increase of 23%.The Net Direct Tax collection of Rs. 7,00,669 crore(net of refund)includes Corporation Tax (CIT) at Rs. 3,68,484 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 3,30,490 crore.
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs. 8,36,225 crore compared to Rs. 6,42,287 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, registering a growth of 30% over collections of FY 2021-22.
The Gross collection of Rs. 8,36,225 crore includes Corporation Tax (CIT) at Rs. 4,36,020 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 3,98,440 crore. Minor head wise collection comprises Advance Tax of Rs. 2,95,308 crore; Tax Deducted at Source of Rs. 4,34,740 crore; Self-Assessment Tax of Rs. 77,164 crore; Regular Assessment Tax of Rs. 20,080 crore; and Tax under other minor heads of Rs. 8,933 crore.
The cumulative Advance Tax collections for the first and second quarter of the FY 2022-23 stand at Rs. 2,95,308 crore as on 17.09.2022, against Advance Tax collections of Rs. 2,52,077 crore for the corresponding period of the immediately preceding Financial Year i.e FY 2021-22, showing a growth of 17%. The Advance Tax collection of Rs. 2,95,308 crore comprises Corporation Tax (CIT) at Rs. 2,29,132 crore and Personal Income Tax (PIT) at Rs. 66,176 crore.
There has been a remarkable increase in the speed of processing of income tax returns filed during the current fiscal, with almost 93% of the duly verified ITRs having been processed till 17.09.2022. This has resulted in faster issue of refunds with almost a 468% increase in the number of refunds issued in the current financial year. Refunds amounting to Rs. 1,35,556 crore have been issued in the FY 2022-23 till 17.09.2022, as against refunds of Rs. 74,140 crore issued during the corresponding period in the preceding Financial Year 2021-22, showing a growth of over 83%.