He mentioned that greater than half of those ITRs have been processed resulting in 80 lakh refunds until now.
The “scarcity of manpower at each degree was impeding our efforts to provide even higher outcomes”, Gupta mentioned and urged Union Finance Minister Nirmala Sitharaman for a “fast approval” of the division’s cadre restructuring proposal.
The chairperson was talking at an occasion held right here to mark the 164th Revenue Tax Day the place Sitharaman was the chief visitor. The Central Board of Direct Taxes (CBDT) is the executive authority for the Revenue Tax Division.
Gupta mentioned direct tax assortment, which incorporates private revenue tax and company tax amongst others, has been making “outstanding” strides because the division collected greater than Rs 16.61 lakh crore in taxes through the 2022-23 fiscal which was 17.67 per cent greater than the previous yr.
This assortment “surpassed” each the price range and revised estimates set by the federal government for income collections beneath the direct taxes class and is a testomony to the onerous work of the cadre, he mentioned.
“We’re at the moment rising on the price of 16 per cent (for direct tax assortment) during the last yr. We had 7.78 crore revenue tax returns filed through the 2022-23 monetary yr and this was a rise of 6.5 per cent over the earlier yr,” the CBDT head mentioned.
This yr, until now, greater than 4 crore ITRs have been filed already and that is 4 days sooner than the final time, he mentioned, including out of those, about 7 per cent are new or first-time filers.
Within the present yr, over 50 per cent of returns have been processed already and greater than 80 lakh refunds have been issued, Gupta added.
The deadline for submitting ITRs for various classes of taxpayers is July 31.
He mentioned the division was engaged on the rules set by the finance minister of guaranteeing “faster processing of returns and speedy problem of refunds”.
“We now have lowered ITR processing to simply 16 days and greater than 42 per cent of the ITRs had been processed in in the future over the past fiscal,” Gupta mentioned.
The CBDT chairperson mentioned the tax authorities had been “intensely monitoring” the grievances of the taxpayers.
Gupta sought Finance Minister Nirmala Sitharaman’s “indulgence” to deal with the “scarcity of manpower at each degree (of the division) which is impeding our efforts to provide even higher outcomes”
“To provide a progressive tax administration, not solely do we have to increase our infrastructure but additionally human capital. The short approval of our cadre restructuring can be a helpful step to realize this,” he mentioned.