Second conviction in Tamilnadu & Pondicherry charge of Income Tax Department during the Financial Year 2023-24 on account of offence committed in violation of the provisions of the Income Tax Act, 1961

Dated:28 JUN 2023

The Income Tax Department (TN&P), Chennai has got the Second conviction for the financial year 2023-24 in respect of the prosecution proceedings initiated against an individual assesse for the offence committed under section 276CC of the Income Tax Act, 1961, viz., willful failure to furnish return of income.

The assesse is an individual had failed to file return of income as mandated u/s.139(1) of the Income Tax Act before the due date of 31.07.2013 or before the expiry of one year from the end of the Assessment Year despite having taxable income.

A. prosecution complaint was filed before the Hon’ble Addl. Chief Judicial Magistrate, Madurai against the assesse for wilful failure to file return of income for AY 2013-14. Shri A.Periasamy, Special Public Prosecutor represented the Department during the course of trial proceedings in the case.

The Hon’ble Addl. Chief Judicial Magistrate, Madurai has passed an order on 13.06.2023 holding the assesse guilty of the offence charged u/s.276CC of the Income Tax Act and convicted the assesse u/s.248(2) of Cr.PC. The accused individual is convicted and sentenced to Rigorous Imprisonment for a term of 3 months along with fine of Rs.5000/- and on default, to undergo simple imprisonment for one week.

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(Release ID: 1935885)

Press Information Bureau
Government of India
Ministry of Finance

Dated: 18 JUN 2023

Gross Direct Tax collections for Financial Year (FY) 2023-24 register a growth of 12.73%

The figures of Direct Tax collections for the Financial Year 2023-24, as on 17.06.2023 show that net collections are at Rs. 3,79,760 crore, compared to Rs. 3,41,568 crore in the corresponding period of the preceding Financial Year i.e. FY 2022-23, representing an increase of 11.18%.

The Net Direct Tax collection of Rs. 3,79,760 crore (as on 17.06.2023) include Corporation Tax (CIT) at Rs. 1,56,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 2,22,196 crore (net of refund).

The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs. 4,19,338 crore as compared to Rs. 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73% over collections of FY 2022-23.

The Gross collection of Rs. 4,19,338 crore includes Corporation Tax (CIT) at Rs. 1,87,311 crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs. 2,31,391 crore. Minor head wise collection comprises Advance Tax of Rs. 1,16,776 crore; Tax Deducted at Source of Rs. 2,71,849 crore; Self-Assessment Tax of Rs. 18,128 crore; Regular Assessment Tax of Rs. 9,977 crore; and Tax under other minor heads of Rs. 2,607 crore.

The Advance Tax collections for the first quarter of the FY 2023-24 stand at Rs. 1,16,776 crore as on 17.06.2023, against Advance Tax collections of Rs. 1,02,707 crore for the corresponding period of the immediately preceding Financial Year i.e. 2022-23, showing a growth of 13.70%. The Advance Tax collection of Rs. 1,16,776 crore as on 17.06.2023 comprises Corporation Tax (CIT) at Rs. 92,784 crore and Personal Income Tax (PIT) at Rs. 23,991 crore.

Refunds amounting to Rs. 39,578 crore have also been issued in the FY 2023-24 till 17.06.2023, as against refunds of Rs. 30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13%.

First conviction in Tamilnadu & Pondicherry charge of Income Tax Department during the Financial Year 2023-24 on account of offence committed in violation of the provisions of the Income Tax Act,1961

Dated: 09 JUN 2023

The Income Tax Department (TN&P), Chennai has got the first conviction for the financial year 2023-24 in respect of the prosecution proceedings initiated against a tax defaulter on 11.04.2023 for the offence committed under section 276C(2) of the Income Tax Act, 1961, viz., willful attempt to evade payment of Income-tax.

The tax defaulter is a private limited company engaged in civil construction business.  The Tax defaulter filed its return of Income for the AY 2017-18 without paying the tax admitted in the return of income and the same remained unpaid till the date of the order of conviction. 

A prosecution complaint was filed before the Hon’ble Addl. Chief Metropolitan Magistrate, Economic Offences-I, against the said tax defaulter and its two directors for the offences u/s 276C(2)& 276C(2) r.w.s 278B of IT Act, 1961 for willful evasion of payment of tax. Chief examination of the prosecution witnesses was conducted and charges were framed by the Special Public Prosecutor, Shri. L. Muralikrishnan on behalf of the Department.

The Additional Chief Metropolitan Magistrate for Economic Offences –I, Chennai has passed order on 11.04.2023 holding the tax defaulter and its directors guilty of the offences charged. The accused company has been convicted and sentenced to pay a fine of Rs. 25,000/-.  The Managing Director and the Director of the Company have also been convicted and sentenced to undergo R.I for 1 year and to pay fine of Rs.25,000/-  each.

This is stated in a Press Release issued by  Sanjai Kumar Verma, Principal Chief Commissioner of Income-tax (TN&P),  Chennai.

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(Release ID: 1930974)

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

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New Delhi, 25th May, 2023

PRESS RELEASE

Increased limit for tax exemption on leave encashment for non-government salaried employees notified

The tax exemption on leave encashment of non-government salaried employees (in respect of the period of earned leave at his credit at the time of his retirement, whether on superannuation or otherwise) was earlier upto a limit of Rs.3 lakh only under section 10(10AA)(ii) of the Income-tax Act,1961(the Act).

In pursuance to the proposal in the Budget Speech, 2023, by the hon’ble FM, the Central Government has notified the increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs. 25 lakh w.e.f. 01.04.2023.

The aggregate amount exempt from income-tax under section 10(10AA)(ii) of the Act shall not exceed the limit of Rs. 25 lakh where any such payments are received by a non-government employee from more than one employer in the same previous year. 

Further, the amount exempt from income-tax under section 10(10AA)(ii) of the Act shall not exceed the limit of Rs. 25 lakh as reduced by the tax exemption already allowed in the total income of the employee under section 10(10AA)(ii) of any previous
year or years. 

Notification No.31/2023 dated 24.05.2023 has been published and is available at https://egazette.nic.in.

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

Click here to read / download the Guidelines as well as FAQs issued by RBI in this regard