The revenue department collected around Rs 28 crore in tax after 1 lakh returns were filed by taxpayers through a new tax return form called ITR-U, which was introduced this year. as part of the 2022-23 Budget.

CBDT chairman Nitin Gupta said that the scheme was brought by the Union government for the benefit of taxpayers so that they can fulfill their tax obligations without getting into trouble with the law.

The abbreviation ITR-U stands for ‘Income Tax Revised’ and is available to taxpayers for filing revised returns for the years 2019-20 and 2020-21 or assessment years 2020-21 and 2021 -22.

Taxpayers submitting this form, which can be submitted within 2 years of the end of the relevant assessment year, must provide reasons for revising the income – previously unfiled returns or income not properly reported or the wrong head of income chosen or deduction of income. advanced losses.

“We have received around Rs 1 lakh… (under ITR-U). Taxpayers may have paid additional tax or may be informers. Around Rs 28 crore worth Rs 28 crore has been made through this scheme so far. ,” Gupta said during the negotiations.

The CBDT chief said that such a scheme can be used for those categories of taxpayers who have income from online games, lotteries and gambling etc.

“This is a condition that allows them to proceed with paying taxes instead of facing the consequences of penalties or other measures according to the income tax law,” said the president of the CBDT.

The Central Board of Direct Taxes (CBDT) lays down the policies for the income tax department.

The Budget presented by the Union government this year in February allowed taxpayers to update their ITR within two years of paying tax, a move aimed at correcting discrepancies or deficiencies. A taxpayer is allowed to file only one revision form per assessment year.

The CBDT chief said that the department is looking into all such businesses including online gambling and gaming and cited the example of tax raids on Mumbai-based groups involved in gambling. online cricket and games in February.

The CBDT said in a statement that the tax department had noticed a “cash” turnover of Rs 600 crore that the company had made in six months.

Gupta said that the department has found that around 8 million (80 lakh) players have registered on the portal of this company and the revenue in this case is Rs 58,000 crore over 3 years. finally.

Talking about the recent refund cycle, the CBDT chairman said that the total refunds filed this time crossed the 6 crore mark (6,00,25,304 to August 21).

“The refund was very smooth and glitch-free this time,” he said.

The president said that out of a total of 6 crore returns filed this time, 4.5 crore returns, which were processed, were e-verified returns.

From that, “we were able to process refunds worth 3.85 million ari”, so it was very strong, he said.

He said the department has disbursed Rs 93,000 crore worth of refunds so far, which is more than 78 percent higher than the Rs 52,000 crore refund disbursed last year.

He said that the department has also seen a good collection this time as the next collection is 33 percent, as on August 24, when the collection increased by 39 percent.

The collection stands at 5,73,170 lakh crore while the net (after issuing refunds) is 4,79,552 lakh crore.

In terms of corporate tax (CIT) we have seen an increase of 24 percent and personal income tax (PIT) has increased by 42 percent compared to last year, he said. .

When asked the reason for these high numbers, Gupta said that the assessee feels that they are becoming more compliant and the department is taking all measures to enable taxpayers to file their returns.

The President was asked about the recent performance of the department’s e-filing portal, which was plagued by various technical problems earlier this year, and said that “in general “The system is working well and processing the review and releasing the review quickly.

He said that the testimony of this is that “their filing process is very good and it was only in 2014 that the tax department did not extend the deadline for filing the ITR by even one day.”

July 31, 2022 is the due date for submission of Income Tax Return (ITR) for salaried and individual taxpayers, whose accounts are not required to be audited by March 31, 2022.

(Only the headlines and images for this report may have been developed by Business Standard staff; the rest of the content was generated automatically from the syndicated feed.)




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