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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%.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 17th September, 2022
PRESS RELEASE
CBDT issues Revised Guidelines for compounding of offences under the Income-tax Act, 1961
In conformity with the Government's policy of facilitating Ease of Doing Business and decriminalisation of offences, CBDT has taken steps in this direction and issued revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the 'Act') dated 16.09.2022 with reference to various offences covered under the prosecution provisions of the Act.
Some of the major changes made for the benefit of taxpayers include making offence punishable under Section 276 of the Act as compoundable. Further, the scope of eligibility for compounding of cases has been relaxed whereby case of an applicant who has been convicted with imprisonment for less than 2 years being previously non-compoundable, has now been made compoundable.The discretion available with the competent authority has also been suitably restricted.
The time limit for acceptance of compounding applications has been relaxed from the earlier limit of 24 months to 36 months now, from the date of filing of complaint. Procedural complexities have also been reduced/simplified.
Specific upper limits have been introduced for the compounding fee covering defaults across several provisions of the Act. Additional compounding charges in the nature of penal interest @ 2% per month up to 3 months and 3% per month beyond 3 months have been reduced to 1% and 2% respectively.
The revised Guidelines for Compounding of offences dated 16.09.2022 are available on http://www.incometaxindia.gov.in.
(SurabhiAhluwalia)
Pr. Commissioner of Income Tax(OSD)
(Media & Technical Policy)
Official Spokesperson, CBDT
Click here to read and download CBDT Circular No. 18/2022 dt. Sep 13, 2022
HC Single Judge Bench dismisses writ petition, holds that there is no procedural irregularity or violation of any principles of natural justice or the impugned order and notice are not contrary to any provision of law; Assessee challenged the order dated Jul 30, 2022 u/s 148A(d) and subsequent notice u/s 148 for AY 2014-15
Click here to read and download HC Order