Giving information for the Income Tax Collection 2022, the Chairman of the Central Board of Direct Taxes, JB Mohapatra, has described this year’s income tax collection as the best income tax collection ever.
He said that the tax collection for the year 2021-22 is 48.4% more than the same period of the year 2020-21. Along with this, he told that this is 2.5 lakh crores more than the highest tax collection figure till to date.
What is the Central Board Of Direct Taxes (CBDT)?
The Central Board of Direct Taxes which comes under the Ministry of Finance was established in 1924 and was defined on 1 January 1964. The headquarter of CBDT India is in New Delhi.
It makes policies related to Income Tax Department. Along with this, the Central Board of Direct Taxes takes its authority from the Central Board of Revenue Act 1924 and is an important part of the Ministry of Finance.
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Who is Chairman of Central Board Of Direct Taxes (CBDT) India in 2022?
At present, the Chairman of CBDT is Odisha born Mr. Jagannath Bidyadhar Mohapatra (JB Mohapatra). He is a senior officer of the Indian Revenue Service (IRS), Income tax.
Income Tax Collection Report 2022 by Central Board Of Direct Taxes India
Ministry of Finance (India) shared this report, in which JB Mohapatra told that this year’s tax collection is 48% more than last year, if we talk about net direct tax collection till March 16, 2022, then it was 13 lakh 63 thousand crores.
Along with this, it was 42.5% more in comparison to 2019 and 20 and it was about 35% more than that in the previous year i.e. 2018-19.
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2022-23 Union Budget of India vs 2022 Tax Collection Report
The union budget for the year 2022-23 is presented by Indian Finance Minister Smt. Nirmala Sitharaman and around 40 lakh crore total expected spending amount is dedicated to this 2022-23 budget for the different sectors of the economy.
According to the Tax Collection Report 2022, this increase is Rs 12.50 lakh crore more than the revised estimate in this year’s budget 2022-23. Along with this, the revised estimate fixed in the last year’s budget i.e. 2021-22 was about Rs 11.08 lakh crore, more than that.
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Conclusion: The Income Tax Collection 2022 report states that for some time or if we say that the increase in income tax collection for the last one or two years, it shows the contribution of all the taxpayers of India to the economy.
This loyalty of theirs will help in giving more momentum to India’s economy. In the Union Budget of India, the Finance Minister of India, at present, Smt. Nirmala Sitharaman does not forget to thank the Loyal Taxpayers every time in her budget.
Income tax in which there are different taxes whether it is a company’s income tax, tax on property, inheritance tax, personal tax, or any other taxes, etc shows a 35% higher increase in tax collection as compared to 2019-20 revised estimate of Rs. 9 lakh 56 thousand crores.
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FAQ – Income Tax Collection Report 2022 by CBDT India
1. Who represents this report?
This report is represented by the Ministry of Finance of India.
2. What is the net direct tax collection for the Financial Year 2021-22?
As per the 2021-22 tax collection report (as on 16 match 2022), the net direct tax collection is Rs. 13,63,038.3 crore.
3. What is the net direct tax collection for the Financial Year 2020-21?
For the year 2020-21 it was Rs. 9,18,430.5 crore.
4. What was the last date of Income-tax return filling for the Financial year 2021-22?
It was 15 February 2022 but has been extended to date 15 march 2022 later.
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