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CAG Report Submitted To Parliament Flags Irregularities In Corporate Tax Assessment

by Janani Janarthanan
December 23, 2022
in Business
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During the fiscal, the number of assessees saw an uptick. The department added 24 lakh non-corporate assessees and 83 lakh corporate assessees in FY21.

Despite an increase in assessees, collections did not surge. In fact, collections from corporation tax decreased by 17.8 %, from Rs 5.56 lakh crore in FY20 to Rs 4.58 lakh crore in FY21.

Collections from income tax decreased by 4% from Rs 4.80 lakh crore in FY20 to Rs 4.71 lakh crore in FY21.

The number of appeals pending with the Commissioner of Income Tax (Appeals) increased only marginally, but the amount locked up in these cases increased almost three times to Rs 24.65 lakh crore in FY21 from Rs 8.83 lakh crore in FY20.

The Central Board of Direct Taxes also raised the monetary limit for filing appeals by the Income Tax Department before the Income Tax Appellate Tribunal from Rs 20 lakh to Rs 50 lakh; at high courts from Rs 50 lakh to Rs 1 crore, and at the Supreme Court from Rs 1 crore to Rs 2 crore.

The report noted that the total cases pending therein decreased by 17.9% i.e. from 1.24 lakh cases in FY20 to 1.02 lakh in FY21.





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Tags: AssessmentCAGcorporateFlagsirregularitiesParliamentReportsubmittedTax
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