Ajay R. Singh, Advocate
Dear Members
WISHING ALL A VERY HAPPY NAVRATRI AND DUSSERA
Goddess Maa Durga keeps you, your family and dear ones in Good Health, Prosperity and Happiness in abundance
The significance of Navratri goes beyond just religious. beliefs; it represents a cultural celebration that promotes unity, devotion, and the triumph of good over evil. One should always remember that good always triumphs over the bad.
The CBDT in its very recent Press Release dated 10.10.2023, has informed that the provisional figures of Direct Tax collections up to 09th October, 2023 show that gross collections are at Rs. 11.07 lakh crore which is 17.95% higher than the gross collections for the comparable period of last year. Direct Tax collection, net of refunds, stands at Rs. 9.57 lakh crore which is 21.82% higher than the net collections for the comparable period of last year. This collection is 52.50% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24. Refunds amounting to Rs. 1.50 lakh crore have been issued during 1st April, 2023 to 09th October 2023.
The CBDT vide ORDER F.NO. 225/132/2023/ITA-II, DATED 16-10-2023 provided clarification regarding processing of returns with refund claims under section 143(1) of the Act beyond the prescribed time limits in non-scrutiny cases. To mitigate the genuine hardship being faced by the taxpayers on this issue, Board, by virtue of its power under section 119 of the Act and in partial modification of its earlier order under section 119 of the Act dated 5-7-2021 and 30-9-2021, further extended the time frame mentioned in the para no. 2 of the order, dated 30-9-2021 till 31-1-2024 in respect of returns of income validly filed electronically. Assessee’s can avail this opportunity and get their returns processed in accordance with the above notification.
This month journal consists of Tax Companion wherein case laws have been digested by team of Tax Professionals and has been edited by Seniors in the Profession, hope readers shall enjoy reading the same. I also request our esteem readers to provide feedback and suggestions if any.
Jai Hind
Ajay R. Singh
Editor