HC admits question on “whether the provisions of Section 271(1)(c) would apply with respect to the return of income, as originally filed or to the revised return of income pursuant to opportunity u/s 153A of the Act"

Click here to read details 

 

ITAT upholds the addition of unexplained cash found during search u/s 69A; Holds that undisclosed income not covered by Rs.2.5 Lac exemption limit prescribed during demonetisation period; No inference can be drawn from the policy statement for extending exemption; Explanation not substantiated by evidence not sufficient for the purpose of Sec. 69A.

Click here to read and download ITAT Order

 

Click here to read and download CBDT Notification

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 16th June, 2021

PRESS RELEASE

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780crore which shows a growth of approximately 146%

Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy

Refunds amounting to Rs. 30,731 crore have been issued in the F.Y. 2021-22

The figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 show that net collections are at Rs.1,85,871crore compared to Rs. 92,762crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year.  The net Direct Tax collections include Corporation Tax (CIT) at Rs. 74,356crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 1,11,043 crore (net of refund).

The Gross collection of Direct Taxes(before adjusting for refunds) for the F.Y.  2021-22 stands at Rs. 2,16,602crore compared to Rs. 1,37,825 crore in the corresponding period of the preceding year. This includes Corporation Tax(CIT) at Rs. 96,923crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 1,19,197 crore. Minor head wise collection comprises Advance Tax of Rs. 28,780crore, Tax Deducted at Source of Rs.1,56,824 crore, Self-Assessment Tax of Rs. 15,343crore; Regular Assessment Tax of Rs. 14,079crore; Dividend Distribution Tax of Rs.1086crore and Tax under other minor heads of Rs. 491crore.

Despite extremely challenging initial months of the new Fiscal , the Advance Tax collections for the first quarter of the F.Y. 2021-22 stand at Rs. 28,780 croreagainst Advance Tax collections of Rs. 11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%.This comprises Corporation Tax(CIT) at Rs. 18,358crore and Personal Income Tax (PIT) at Rs. 10,422 crore. This amount is expected to increase as further information is received from Banks.

Refunds amounting to Rs. 30,731crore have also been issued in the F.Y. 2021-22.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

 

Click here to read and download HC Judgment