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The Income Tax department(I-T department) had more than 2.35 crore tax returns pending for processing at the beginning of this financial year, the Rajya Sabha was informed today. "There was a pendency of 2,35,74,618 income-tax returns for processing u/s 143(1) of the Income Tax Act 1961, as on April 1, 2009," Finance Minister Pranab Mukherjee told the Rajya Sabha in a written reply. On a query that if there is a system of periodical special drives to dispose of the pending returns, Mukherjee replied, "There is no such practice..." However, the process is a continuous activity and is regularly monitored at various levels through monthly reports, he added. Also, the I-T department has decided to move towards centralised mass processing of returns. For the purpose, the consolidation of regional databases into single national database was completed in December last year, he said. To another question in the Rajya Sabha, Minister of State for Finance S S Palanimanickam said that there have been cases of purchasing insurance policies by payment of large amount of cash and the investigations have been taken up regarding the same. However, there is no provision of re-examining assessees based on income criterion, in appropriate cases the assessments are reopened under the provisions in the Income Tax Act, the Minister said.

other Interesting factors about Indian income Tax(not part of reply)

  • Total Individual tax payers in India 3.20 Crore (in USA  5.00 crore)(source ET)
  • Peak Rate of Income Tax in various countries(source ET)
    • India-30%
    • US-35%
    • UK-40%
    • Japan-40%
    • Germany-45%
    • China-45%
    • Russia-13.5%
    • Brazil-27.5%
  • No of person filed return of income tax between 1 crore to 5 crore 
    • 2008-09 AY =26275
    • 2006-07 AY =15743

  • Net direct tax collections during first three months of the present fiscal (up to June 2009) stood at Rs.59,465 crore, up from Rs.57,373 crore in the same period last fiscal, registering a growth of 3.65 percent. Growth in Corporate Taxes was 3.31 percent (Rs.35,709 crore as against Rs.34,566 crore), while Personal Income Tax (including FBT and STT) grew at 4.38 percent (Rs.24,564 crore as against Rs.22,782 crore). Lower growth in net tax collection was mainly on account of higher tax refund outgo of 52.01 percent at Rs.17,600 crore in the present quarter as against Rs.11,578 crore in the first quarter last fiscal.
  • Fringe Benefit Tax (FBT) recorded a negative growth of 7.56 percent (Rs.1,031 crore as against Rs.1,115 crore) and Securities Transaction Tax (STT) declined by 9.90 percent (Rs.1,462 crore as against Rs.1,623 crore) compared to the corresponding period last fiscal.Net collections during the month as well as TDS growth, however, remained positive.
  • Net collection during June 2009 Rs.35,307 crore compared to net collection of Rs.34,533 croreduring June 2008. Growth in Corporate TDS was 12.1 percent (Rs.19,584 crore againstRs.17,477 crore last year) and non-government PIT TDS growth was 12.4 percent (Rs.21,188crore against Rs.18,849 crore last year).

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