The Central Board of Direct Taxes (CBDT) revealed that over the past two years, approximately 56 lakh updated Income Tax Returns (ITRs) have been filed, resulting in the collection of Rs 4,600 crore in taxes. CBDT Chief Nitin Gupta, in a post-budget interview with PTI TV, highlighted the ongoing efforts to enhance services and create a litigation-free environment.
Gupta mentioned the establishment of a demand management center in Mysuru, Karnataka, specifically addressing disputed pending large tax demands exceeding Rs 1 crore. Emphasizing the commitment to service improvement, he stated, “We have come out with a facility for updation of return. 56 lakh updated returns garnered around Rs 4,600 crore taxes from that.”
The recently announced Interim Budget for the fiscal year 2024-25 includes the withdrawal of outstanding small tax demands, some dating back to 1962, up to Rs 25,000 until 2014-15 concerning income, wealth, and gift taxes. Notably, there are approximately 1.11 crore disputed demand entries, and the aggregate tax demand involved is estimated to be between Rs 3,500-3,600 crore. The move aims to streamline tax-related matters and provide relief to taxpayers facing longstanding issues.
