From the Editor
Ajay Singh, Advocate
Wishing All Members
HAPPY INDEPENDENCE DAY – 15th August 2023
As per the statement issued by CBDT the Direct Tax collection, net refunds stands at Rs. 5.84 Lakh Crore which is 17.33% higher than the net collection for the corresponding period of last year. This collection is 32.03% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24 according to the CBDT, A record 6.77 Crore Income-Tax Returns were filed till July 31 for the assessment year 2023-24, 16.1% higher than the returns filed for the assessment year 2022-23,. The department also received 53.67 Lakh ITRs till July 31, 2023 from first time filers, a fair indication of widening of tax base. A good indicator for growth of our economy as well compliance by citizens.
Another development which is worth noting is that The Lok Sabha on 7th August 2023 passed the Digital Personal Data Protection Bill, 2023 and on 11-08-2023, the President has given his assent to the same. The object of the Act is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes and for matters connected therewith or incidental thereto. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act. Any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. It shall apply to the processing of digital personal data within the territory of India where the personal data is collected in digital form; or in non-digital form and digitised subsequently; also apply to processing of digital personal data outside the territory of India, if such processing is in connection with any activity related to offering of goods or services to Data Principals within the territory of India.
In Another similar development Union Home Minister has introduced three bills in Lok Sabha :
- Bhartiya Nyaya Sanhita Bill 2023 which Replaces Indian Penal Code, 1860.
- Bhartiya Nagarik Suraksha Sanhita Bill 2023 which Replaces Criminal Procedure Code, 1898.
- Bharatiya Sakshya Bill 2023 which Replaces Indian Evidence Act, 1872.
The bills emphasize for a transparent, accountable, and efficient legal system and bending towards justice then being penal in nature. This is a historic step in criminal justice system. The New Criminal Law Legislations introduced requires an indepth study by jurist, lawyers, academicians, students . Whilst the core provisions and concepts remain the same, maybe this is a move towards an effective and improvised justice delivery system. we all wait to see how soon we need to get back to the new bare Acts.
I thank all the authors for their contribution made in this month’s publication. Hope you all find the topics interesting and informative.