Rs 4.6 crore Tax collected from updated ITRs in 2 years

The Income Tax Department has achieved a noteworthy accomplishment by collecting approximately Rs 4,600 crore in taxes from 5.6 million updated Income Tax (I-T) returns filed by taxpayers over the past two years.

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Nitin Gupta, Chief of the Central Board of Direct Taxes (CBDT), shared this information during a postbudget interview with PTI TV. Gupta also revealed the establishment of a demand management center in Mysuru, Karnataka, specifically focusing on addressing disputed large tax demands exceeding Rs 1 crore.

In the pursuit of service enhancement and the creation of a litigation-free environment, Gupta highlighted the introduction of a facility for return updation. A total of 5.6 million returns were updated, resulting in the significant tax collection of Rs 4,600 crore. The Interim Budget for 2024-25 further announced the withdrawal of outstanding small tax demands, some dating back to 1962, up to Rs 25,000 until 2014-15, pertaining to income, wealth, and gift taxes. Approximately 11.1 million disputed demand entries, with an aggregate tax demand of Rs 3,500-3,600 crore, are set to be withdrawn, benefiting around 8 million unique taxpayers.