In his speech on Income Tax Day, he also said that the Income Tax Department's focus on using technology was comparable with global practices to improve services to taxpayers.
Highlighting the faster pace at which the tax department was functioning, he said that of the over 7.28 crore income tax returns for assessment year 2024-25 filed till July 31, 2024, as many as 4.98 crore ITRs (income tax returns) have been filed. have already been processed and the notices sent to taxpayers.
"Of them, 3.92 million ITRs were processed in less than 15 days," he said.
He said the Income Tax Department has managed to double the tax base and compliance has been made easier for taxpayers with the introduction of faceless regime, e-verification and seamless e-filing.
In his inaugural address, Ravi Agrawal, Chairman, Central Board of Direct Taxes (CBDT), observed that over the years the Department's focus has been on improving services to taxpayers and leveraging technology to facilitate compliance. Agrawal gave an overview of some of the achievements of the last fiscal year, including a 17.7 percent growth achieved in net collection and a 7.5 percent increase in the number of RTIs filed over the previous year ( until July 31, 2024).
Agarwal further mentioned that 72 per cent of the returns were filed under the New Tax Regime, underlining its widespread acceptance: First-time filers with 58.57 lakh returns were a fair indication of the widening of the tax base. .
He also highlighted the achievements in the area of advance pricing agreements, where a record number of 125 APAs were signed in the last fiscal year and also mentioned that the 10th Foreign Income Tax Unit has become operational in Abu Dhabi, United Arab Emirates, demonstrating the Department's commitment to expanding its global reach.
The CBDT Chairman further underlined the Department's focus on upgradation of technology, citing the approval of new versions of the CPC-TDS, ITBA and TAXNET projects, while underscoring the importance of the revision of the Tax Act. 1961 income.
Highlighting the faster pace at which the tax department was functioning, he said that of the over 7.28 crore income tax returns for assessment year 2024-25 filed till July 31, 2024, as many as 4.98 crore ITRs (income tax returns) have been filed. have already been processed and the notices sent to taxpayers.
"Of them, 3.92 million ITRs were processed in less than 15 days," he said.
He said the Income Tax Department has managed to double the tax base and compliance has been made easier for taxpayers with the introduction of faceless regime, e-verification and seamless e-filing.
In his inaugural address, Ravi Agrawal, Chairman, Central Board of Direct Taxes (CBDT), observed that over the years the Department's focus has been on improving services to taxpayers and leveraging technology to facilitate compliance. Agrawal gave an overview of some of the achievements of the last fiscal year, including a 17.7 percent growth achieved in net collection and a 7.5 percent increase in the number of RTIs filed over the previous year ( until July 31, 2024).
Agarwal further mentioned that 72 per cent of the returns were filed under the New Tax Regime, underlining its widespread acceptance: First-time filers with 58.57 lakh returns were a fair indication of the widening of the tax base. .
He also highlighted the achievements in the area of advance pricing agreements, where a record number of 125 APAs were signed in the last fiscal year and also mentioned that the 10th Foreign Income Tax Unit has become operational in Abu Dhabi, United Arab Emirates, demonstrating the Department's commitment to expanding its global reach.
The CBDT Chairman further underlined the Department's focus on upgradation of technology, citing the approval of new versions of the CPC-TDS, ITBA and TAXNET projects, while underscoring the importance of the revision of the Tax Act. 1961 income.
