The Income Tax Department had fixed the last date for filing ITR as July 31. More than 7 crore people had filed their returns by the last date.
After this, the refund claim process is going on after the income tax department checks the ITR.
Now the Income Tax Department has asked the officials to focus on the top 5,000 cases, on which the account of tax of about Rs 43 lakh crore is pending.
What happens after filing an ITR
After filing ITR, the Income Tax Department checks your return. If your return is found to be correct then you can get a refund. But if your return is found to be wrong then you can get a notice.
Instruction to form a special team
The goal of the Income Tax Department is to improve tax collection and reduce the amount stuck in litigation. The department had instructed high-ranking officials to form a special team so that the cases could be analysed and the list could be sent to the CBDT by the end of September.
Many types of tax-related important cases are pending and waiting in litigation. Cases with more pending dues have to be taken forward faster.
Central government’s focus on increasing revenue
The central government is paying more attention to increasing revenue. For this, many more instructions and information have also been given to the Income Tax Department.
The department has to assess 10-year-old cases and move them forward rapidly. In cases where taxpayers cannot be traced, different strategies need to be prepared for them.
Central government’s focus on revenue generation
Ten-year-old cases should be assessed and these should be moved forward rapidly. In cases where taxpayers cannot be traced, different strategies need to be prepared.
Focusing on tax demand is one of the important central action plans. This job has been provided to the officials members for the current financial year.
The central government wants to focus more on revenue generation to meet the needs of its big expenses.
Target of recovery of 8 lakh crores
The department has estimated a collection of Rs 16.7 lakh crore. Out of this, a target of recovery of Rs 8 lakh crore has been set.
Of this, more than 35% (Rs 2.8 lakh crore) is targeted to come from Mumbai. This is followed by Rs 86,692 crore from Delhi and the rest is expected to come from Tamil Nadu and Puducherry.