Team Blitz India
NEW DELHI: The Income Tax Department has successfully recovered Rs 73,500 crore in pending dues for the financial year 2023-24 up to March 15, according to a report byThe Economic Times.This recovery marks a substantial increase compared to the previous financial year’s collection of over Rs 52,000 crore.
Of the total recovered amount, corporate tax dues amounted to Rs 56,000 crore, while personal income tax constituted Rs 16,500 crore. Additionally, undisclosed income from foreign assets accounted for Rs 50 crore.
This accomplishment comes as part of a focused recovery plan aimed at enhancing the collection of outstanding tax arrears.
While providing year-wise details of outstanding dues is challenging, the collection has seen a notable increase.
It averaged eight per cent of the annual outstanding until 2021-22, rose to 10.78 per cent in 2022-23, and has reached approximately 17 per cent in the current financial year. Pending tax arrears, which surpassed Rs 21.94 trillion as of January 31, 2023, from Rs 15 trillion in April 2021, have been a primary concern for the tax department.
