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Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New Delhi, 21st April, 2024
Press Release
Net Direct Tax collections (provisional) for the Financial Year (FY) 2023-24 exceed the Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%
Net Direct Tax collections (provisional) for the FY 2023-24 exceed Revised Estimates by Rs. 13,000 crore
Gross Direct Tax collections (provisional) for the FY 2023-24 stand at Rs. 23.37 lakh crore registering a growth of 18.48%
Net Direct Tax collections (provisional) for the FY 2023-24 stand at Rs. 19.58 lakh crore marking a growth of 17.70%
Refunds aggregating to Rs. 3.79 lakh crore have been issued in FY 2023-24
The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.
The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs. 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.
The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs. 23.37 lakh crore showing a growth of 18.48% over the gross collection of Rs. 19.72 lakh crore in FY 2022-23.
The Gross Corporate Tax collection (provisional) in FY 2023-24 is at Rs. 11.32 lakh crore and has shown a growth of 13.06% over the gross corporate tax collection of Rs. 10 lakh crore of the preceding year. The Net Corporate Tax collection (provisional) in FY 2023- 24 is at Rs. 9.11 lakh crore and has shown a growth of 10.26% over the net corporate tax collection of Rs. 8.26 lakh crore of the preceding year,
The Gross Personal Income Tax collection (including STT) (provisional) in FY 2023- 24 is at Rs. 12.01 lakh crore and has shown a growth of 24.26% over the Gross Personal Income Tax collection (including STT) of Rs. 9.67 lakh crore of the preceding year. The Net Personal Income Tax collection (including STT) (provisional) in FY 2023-24 is at Rs. 10.44 lakh crore and has shown a growth of 25.23% over the Net Personal Income Tax collection (including STT) of Rs. 8.33 lakh crore of the preceding year.
Refunds of Rs. 3.79 lakh crore have been issued in the FY 2023-24 showing an increase of 22.74% over the refunds of Rs. 3.09 lakh crore issued in FY 2022-23.
(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
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New Delhi, 08 th April, 2024
Press Release
CBDT clarification on media reports claiming special drive to reopen cases with reference to HRA claims
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corrective action. However, some posts on social media, as well as articles in the media, have highlighted enquiries initiated by the CBDT in cases where employees have made incorrect claims of HRA and rent paid.
At the outset, it is stated that any apprehensions about retrospective taxation on these matters and re-opening of cases on issues pertaining to HRA claims is completely baseless.
Data analysis was carried out in some high-value cases of mismatch between the rent paid by the employee and receipt of rent by the recipient for the FY 2020-21.
This verification was done in a small number of cases without re-opening bulk of cases, especially since Updated Return for FY 2020-21(AY 2021-22) could have been filed by the taxpayers concerned only till 31.03.2024.
It is underlined that the objective of the e-verification was to alert cases of mismatches of information for FY 2020-21 only without affecting the others.
It is reiterated that there is no special drive to re-open such cases, and media reports alleging that large-scale re-opening is being undertaken by the Department are completely misplaced.
(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
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New Delhi, 4th April, 2024
Press Release
Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1 st April, 2024 onwards. The ITRs i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards.
As a precursor to this, CBDT had notified the ITR forms early, beginning with ITRs 1 and 4 which were notified on December 22 nd , 2023, ITR-6 was notified on 24th January, 2024 and ITR-2 was notified on January 31st , 2024.
To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under downloads section of the e-filing portal.
Thus, taxpayers have been enabled to file ITR-1, ITR-2, ITR-4 and ITR-6 for A.Y. 2024-2025 on the e-filing portal from 01.04.2024. In fact, about 23,000 ITRs for A.Y. 2024-25 have already been filed till date. Facility to file ITRs 3, 5 and 7 will be
made available shortly.
This is for the first time in recent times, that the Income Tax department has enabled taxpayers to file their Returns on the first day of the new financial year. This is another giant step towards ease of compliance and seamless taxpayer services.
(Surabhi Ahluwalia)
Pr. Commissioner of Income Tax
(Media & Technical Policy) &
Official Spokesperson, CBDT
F. No. 225/53/2024-ITA-II
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
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New Delhi, the 18th March, 2024
Subject: Order under section 119 of the Income-tax Act, 1961- reg.
The Financial Year 2023-24 closes on 31 st March, 2024, which is Sunday. Further, 30th March, 2024 is a Saturday and 29th March, 2024 is a closed holiday.
Therefore, to facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March, 2024. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income-tax Act,1961.
(Dr. Castro Jayaprakash. T)
Under Secretary to the Government of India
ATTENTION TRUSTS / INSTITUTIONS
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or subclause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10 (hereinafter referred to as trust or institution under the first regime) of the Income-tax Act, 1961 (hereinafter referred to as the Act) or any trust or institution registered under section 12AA or section 12AB of the Act (hereinafter referred to as trust or institution under the second regime) is exempt subject to fulfilment of certain conditions specified under various sections of the Act.
One of the conditions required to be fulfilled by the trust or institution in order to be eligible to claim exemption under the first regime, is laid down in clause (b) of the tenth proviso to clause (23C) of section 10 of the Act. This states that in case the total income of the trust or institution, as computed under the Act without giving effect to the provisions of exemption under the first regime, exceeds the maximum amount which is not chargeable to income-tax in any previous year, the trust or institution is required to get its accounts audited and furnish the audit report in the prescribed Form before the specified date.
A similar condition is in place for trust or institution under the second regime in subclause (ii) of clause (b) of sub-section (1 ) of section 12A of the Act.
Rule 16CC and 17B of the Income-tax Rules, 1962 (hereinafter referred to as the Rules) prescribe the form of audit report for trust or institution under the first and second regime respectively. They provide that the report of audit of the accounts of a trust or institution, shall be furnished in –
(a) Form No. l0B where,
(i) the total income of trust or institution, exceeds rupees five crores during the previous year; or
(ii) such trust or institution has received any foreign contribution during the previous year; or
(iii)such trust or institution has applied any part of its income outside India during the previous year;
(b) Form No. 10BB in other cases.
The new forms, Form No. l0B/ Form No. l0BB, were notified vide Notification No. 7 of 2023 dated 21st February, 2023. The above prescription was put in place w.e.f. 01.04.2023, vide the Income-tax (Third Amendment) Rules, 2023, and is therefore, effective for assessment year 2023-24 and subsequent assessment years. The due date for furnishing such audit reports for the A.Y. 2023-24 was 31st October, 2023.
It has come to the attention of the Board that in a number of cases trusts/ institutions have furnished audit report in Form No. l0B, where Form No. 10BB was required to be furnished for the A.Y. 2023-24. Similarly, in a number of cases trusts/ institutions have furnished audit report in Form No. 10BB, where Form No. l0B was required to be furnished for the A.Y. 2023-24. As noted above, non-furnishing of audit report in the prescribed form would result in denial of exemption in such cases as it is one of the conditions which is required to be satisfied for claim of exemption.
In view of the above, the Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act has allowed those trusts/ institutions which have furnished audit report on or before 31st October, 2023 in Form No. l0B where Form No. 10BB was applicable and vice-versa, to furnish the audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section l2A of the Income-tax Act, 1961, in the applicable Form No. l0B/ 10BB for the assessment year 2023-24, on or before 31st March, 2024. Please refer to CBDT Circular 2/2024 dated: 05th March 2024. Please furnish audit report in correct prescribed form for AY 2023-24 on or before 31st March 2024 to claim exemption.