Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that there has been a significant reduction in the average time taken to refund taxes. In the last financial year 2022-23, in 80 percent cases ‘refunds’ were issued in the first 30 days of filing returns.

Returns will come in just 16 days

The CBDT chief also said that the use of technology has speeded up the income tax return process and is working to ensure ‘ease of doing business’ for taxpayers by promoting voluntary compliance. Gupta has said that we have speeded up the process of returns and tax refunds are being processed at a faster rate. In the financial year 2022-23, the average time taken for tax refund was only 16 days, which was 26 days in 2021-22.

Income Tax Department gave information

In the online ‘Samvad’ session organized by the Income Tax Department on Thursday, Gupta has said that there has been a significant increase in the matter of completing the process within a day of filing ITR. This assessment has increased from 21 percent in the year 2021-22 to 42 percent in 2022-23.

22.94 lakh returns were settled

Referring to the use of technology, he said that the department disposed of the maximum number of 22.94 lakh returns in a single day on July 28, 2022. To facilitate voluntary compliance and reduce legal disputes, the CBDT chief said that provision has been made to file an updated return (ITR-U) on the e-filing portal so that the taxpayer can file it within two years after the end of the relevant assessment year. Update your return at any time.

24.50 lakh claims settled till March 31.

He has said that till March 31, 2023, more than 24.50 lakh updated returns have been filed and about Rs 2,480 crore has been collected as additional tax. Gupta also said that in the last financial year, more than four lakh assessments have been completed without the officer and the taxpayer coming face to face.

There has been a 60 percent reduction in complaints related to the ‘faceless’ process in 2022-23 as compared to the previous financial year. Gupta said that under the ‘faceless’ system, tax officials have disposed of more than one lakh appeals.

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A commemorative coin of Rs 75 will be minted on this occasion. To mark the occasion of the inauguration of the Parliament House, the Ministry of Finance has issued a notification in this regard. The coin will have the image of the Parliament complex and the new Parliament building. According to the statement from the Ministry of Finance, the coin of Rs 75 will be circular with a diameter of 44 mm.

Coin will be made of four metals

The coin will be made of four metals. It will contain 50 percent silver, 40 percent copper, 5 percent nickel and 5 percent zinc. The year ‘2023’ will be inscribed below the image of the Parliament complex. PM Modi will inaugurate the new Parliament House. At least 25 parties are expected to participate in the opening ceremony. 20 opposition parties have decided to boycott the programme.

These parties will be involved in the ceremony

Apart from 18 members of the ruling NDA, seven non-NDA parties including BJP will attend the ceremony. Let us tell you that BSP, Shiromani Akali Dal, Janata Dal (Secular), Lok Janshakti Party (Ram Vilas), YSR Congress, BJD and TDP are such non-NDA parties, which are expected to be present in this function.

Opposition parties targeted PM Modi

Opposition parties targeted PM Modi for the inauguration of the new Parliament House, saying that the arrogance of his government has destroyed the parliamentary system. Congress President Mallikarjun Kharge tweeted alleging that Modi ji, Parliament is the temple of democracy established by the people. The office of the President is the first part of the Parliament. The arrogance of your government has destroyed the parliamentary system.

75 rupees coin will be like this

The 75 rupees coin to be issued on the occasion of the inauguration of the Parliament House will be of 35 grams. It will contain 50% silver, 40% copper, 5% zinc and 5% nickel. Talking about its design, Ashoka Pillar will be made on one side of the coin and Rs 75 will be written on the bottom side.

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