Rise in direct tax revenue, tech progress highlighted at IRS valediction ceremony

Nagpur: As many as 9 crore income tax returns were filed this financial year, out of which a substantial number have already been processed, said Central Board of Direct Taxes (CBDT) member (administration) Prabhodh Seth. He was addressing the valedictory function of the 77th batch of Indian Revenue Service (IRS) officers passing out of the National Academy of Direct Taxes (NADT). CBDT is the apex governing body of the income tax department.

Seth said the contribution of direct taxes towards the total revenue has gone up beyond 50%. At one point, it used to be as low as 20% of the total mop-up. This increase occurred due to rapid changes in technology. Due to technology, returns are processed and refunds issued in a matter of days, he said.

Technology has also helped in plugging certain loopholes, pointing out mismatches, and preventing tax evasion, said Seth.