Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 08 th February, 2024

Press Release

Income Tax Department conducts search operations in Chhattisgarh

Income Tax Department initiated search and seizure operations in the case of a Politically Exposed Person (PEP), his close associates and few Government officials on 31/01/2024. One of the close associates of the PEP is engaged in the business of real estate. The search operation covered more than 25 premises spread across Raipur, Surguja, Sitapur and Raigarh districts of Chhattisgarh.

During the course of the search operation, numerous incriminating documents, loose sheets and digital evidences have been found and seized. These evidences reveal the modus-operandi of tax evasion and other dubious practices adopted by these persons. Preliminary analysis suggests that these persons have received ill-gotten money in lieu of grant of undue favours to different persons in Government related works.

Incriminating documents recovered during the search, contain details of ill-gotten money of approximately Rs.13 crore, received in cash by the said PEP, through his close associates. Further, evidences seized suggest that this ill-gotten money has been invested in real estate through the associates of the PEP. Similarly, evidence of payment of on-money in purchase of real estate to the tune of approximately Rs. 3crore and evidence of unaccounted cash expenditure of more than Rs. 8 crore, made by the associates of the PEP, in the real estate business have also been found. The veracity of such evidences has also been buttressed by the statements of close associates of the PEP and their employees, wherein they have admitted the above malpractices.

Further, incriminating documents related to illegal grabbing of land by the close associates of the PEP have also been found. The farmers and the affected persons whose lands have been transferred in such manner, have also admitted in their statement(s) that the said land transactions were completed under the undue influence of the PEP. Similarly, undue influence of PEP was also utilized by his associates in getting the permission for purchase of “Punarwas Patta”.

Issues related to mismatch in turnover vis-à-vis bank credits have also been detected from the factory premises owned by the spouse of the PEP, who is running a manufacturing concern of Hume Pipes.

The search operation has resulted in seizure of unaccounted cash and jewellery exceeding Rs. 2.50 crore.

Further investigations are in progress.

(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT

 

 

 

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 02 nd February, 2024

Press Release

CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance

The Central Board of Direct Taxes (CBDT) vide Notification No. 19 of 2024 dated 31.01.2024, has notified Income-tax Return Forms (ITR Form)- 2, 3 and 5 for the Assessment Year(A.Y.) 2024-25. Further, vide Notification No. 16 of 2024 dated 24.01.2024, ITR Form-6 has been notified for the A.Y. 2024-25. Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were notified vide Notification No. 105 of 2023 dated 22.12.2023. All ITR Forms 1 to 6 have since been notified and will come into effect from 1st April, 2024.

ITR-1 (SAHAJ) can be filed by resident Individuals having total income upto Rs. 50 lakh and having income from Salaries, one house property and income from other sources. Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5. The companies other than those claiming exemption under section 11 can file ITR Form-6.

Changes have been incorporated in the ITRs in order to facilitate the taxpayers and to improve ease of filing. Largely, the changes incorporated were necessitated due to amendments in the Income-tax Act, 1961 made vide Finance Act, 2023. The Notifications of the ITR Forms are available on the Department’s website at the following link: www.incometaxindia.gov.in.

(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT

 

Ministry of Finance

INTERIM BUDGET PROPOSES TO RETAIN TAX RATES FOR DIRECT AND INDIRECT TAXES

RELIEF FOR CERTAIN OUTSTANDING DIRECT TAX DEMANDS TO BENEFIT NEARLY 1 CRORE TAXPAYERS

Posted On: 01 FEB 2024

“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in the Parliament today.

To ensure continuity in taxation, the Union Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth or pension funds and tax exemption on certain income of some IFSC units till 31.03.2025.

In line with the Government’s vision to improve ease of living and ease of doing business, and to provide a relief to a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, Smt. Sitharaman proposed to withdraw such outstanding direct tax demands up to ₹25,000 pertaining to the period up to financial year 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15. This is expected to benefit about one crore tax-payers.                                                                                                  

*****

YKB/NB/KS/AS/LPS
(Release ID: 2001156)

Ministry of Finance

HIGHLIGHTS OF THE INTERIM UNION BUDGET 2024-25

Posted On: 01 FEB 2024 

With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament, today. The key highlights of the Budget are as follows:

Part A

Social Justice

• Prime Minister to focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  ‘Annadata’(Farmer).

‘Garib Kalyan, Desh ka Kalyan’

• Government assisted 25 crore people out of multi-dimensional poverty in last 10 years.
• DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.
• PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.
• PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).
• PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.

Welfare of ‘Annadata’

• PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers. 
• Under PM Fasal BimaYojana, crop insurance is given to 4 crore farmers
• Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.

Momentum for Nari Shakti

• 30 crore Mudra Yojana loans given to women entrepreneurs.
• Female enrolment in higher education gone up by 28%.
• In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world.
• Over 70% houses under PM Awas Yojana given to women from rural areas.

PM Awas Yojana (Grameen)

• Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.
• Two crore more houses to be taken up in the next five years.

Rooftop solarization and muft bijli

• 1 crore households to obtain 300 units free electricity every month through rooftop solarization.
• Each household is expected to save Rs.15000 to Rs.18000 annually.

Ayushman Bharat

• Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers.

Agriculture and food processing

• Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
• Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages.

Research and Innovation for catalyzing growth, employment and development

• A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.
• A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.

Infrastructure

• Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.

Railways

• 3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost
  • Energy, mineral and cement corridors
  • Port connectivity corridors
  • High traffic density corridors
• Forty thousand normal rail bogies to be converted to Vande Bharat standards.

Aviation Sector

• Number of airports in the country doubled to 149.
• Five hundred and seventeen new routes are carrying 1.3 crore passengers.
• Indian carriers have placed orders for over 1000 new aircrafts.

Green Energy

• Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.
• Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.

Tourism sector

• States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale.
• Framework for rating of the tourist centres based on quality of facilities and services to be established.
• Long-term interest free loans to be provided to States for financing such development on matching basis.

Investments

• FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.

Reforms in the States for ‘Viksit Bharat’

• A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments.

Revised Estimates (RE) 2023-24

• RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.
• RE of the total expenditure is Rs.44.90 lakh crore.
• Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.
• RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.

Budget Estimates 2024-25

• Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.
• Tax receipts are estimated at Rs.26.02 lakh crore.   
• Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore.
• Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP
• Gross and net market borrowings through dated securities during 2024-25 are estimated at Rs.14.13 and Rs.11.75 lakh crore respectively.

Part B

Direct taxes

• FM proposes to retain same tax rates for direct taxes
• Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years
• Government to improve tax payer services
  • Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10 withdrawn
  • Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn
  • This will benefit one crore tax payers
• Tax benefits to Start-Ups, investments made by Sovereign wealth funds or pension funds extended to 31.03.2025
• Tax exemption on certain income of IFSC units extended by a year to 31.03.2025 from 31.03.2024

Indirect taxes

• FM proposes to retain same tax rates for indirect taxes and import duties
• GST unified the highly fragmented indirect tax regime in India
  • Average monthly gross GST collection doubled to Rs 1.66 lakh crore this year
  • GST tax base has doubled
  • State  SGST revenue buoyancy (including compensation released to states) increased to 1.22  in post-GST period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16)
  • 94% of industry leaders view transition to GST as largely positive
  • GST led to supply chain optimization
  • GST reduced the compliance burden on trade and industry
  • Lower logistics cost and taxes  helped reduce prices of goods and services, benefiting the consumers

Tax rationalization efforts over the years

• No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in  FY 2013-14
• Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore
• Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh
• Corporate income tax decreased to 22% from 30% for existing domestic companies
• Corporate income tax rate at 15% for new manufacturing companies

Achievements in tax-payer services

• Average processing time of tax returns has reduced to 10 days from 93 days in 2013-14
• Faceless Assessment and Appeal introduced for greater efficiency
• Updated income tax returns, new form 26AS and prefilled tax returns for simplified return filing
• Reforms in customs leading to reduced Import release time
  • Reduction by 47% to 71 hours at Inland Container Depots
  • Reduction by 28% to 44 hours at  Air Cargo complexes
  • Reduction by 27% to 85 hours at Sea Ports

Economy-then and now

• In 2014 there was a responsibility to mend the economy and put governance systems in order. The need of the hour was to:
  • Attract investments
  • Build support to the much-needed reforms
  • Give hope to the people
•  The government succeeded with a strong belief of ‘nation-first’
• “It is now appropriate to look at where we were till 2014 and where we are now”: FM
  • The Government will lay a White Paper on the table of the house.

***

YB/NB/SNC/LP/KSS/RK/PD/CNAN
(Release ID: 2001130) 

 

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 23^rd January, 2024

Press Release

Release of Direct Tax Statistics

Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Consolidated Time-Series data as updated upto F.Y. 2022-23. The key highlights of some of these statistics are as under:

(i) Net Direct Tax Collections have increased by 160.52% from Rs. 6,38,596 crore in F.Y. 2013-14 to Rs. 16,63,686 crore in F.Y. 2022-23. 

(ii) Gross Direct Tax Collections of Rs. 19,72,248 crore in F.Y. 2022-23 have registered an increase of over 173.31% compared to Gross Direct Tax Collections of Rs. 7,21,604 crore in F.Y. 2013-14.  

(iii) Direct Tax to GDP ratio has increased from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23.

(iv) The Cost of collection has decreased from 0.57% of total collection in the F.Y. 2013-14 to 0.51% of total collection in the F.Y. 2022-23.

(v) The total number of ITRs filed in FY 2022-23 stands at 7.78 crore showing an increase of 104.91% as compared to total number of ITRs of 3.80 crore filed in FY 2013-14.

The availability of the Time-Series data in public domain will be useful for  academicians, research scholars, economists and the public at large in studying long-term trends of various indices of the effectiveness and efficiency of Direct Tax administration in India. This time series data is available at www.incometaxindia.gov.in.

(Surabhi Ahluwalia)

Pr. Commissioner of Income Tax

(Media & Technical Policy) &

Official Spokesperson, CBDT