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Compliance
Direct Tax

Report No. 3 of 2015 - Compliance Audit on Direct Taxes Union Government, Department of Revenue

Date on which Report Tabled:
Fri 20 Mar, 2015
Date of sending the report to Government
Government Type
Union
Union Department
Direct Tax
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Sector Taxes and Duties

Overview

The Comptroller and Auditor General of India conducts the audit of Receipts from Direct Taxes of the Union Government under section 16 of the Comptroller and Auditor General of India's (Duties, Powers and Conditions of Service) Act, 1971. This Report discusses direct taxes administration, audit mandate and findings of compliance audit. Direct taxes receipts of Union Government in FY 2013-14 was RS 6,38,596 crore which represented 5.6 per cent of the GDP.

Share of direct taxes in Gross Tax Revenue increased from 53.9per cent in FY 2012-13 to 56.1 per cent in FY 2013-14. Two major components of Direct taxes viz. Corporation Tax increased from RS 3.56 lakh crore in FY 2012-13 to RS 3.95 lakh crore in FY 2013-14 and Income Tax increased from RS 1.97 lakh crore in FY 2012-13 to RS 2.38 lakh crore in FY 2013-14.

The revenue foregone on account of tax exemptions increased from RS 1.02 lakh crore in FY 2012-13 to RS 1.16 lakh crore in FY 2013-14. It is increasing in absolute terms since FY 2010-11.The number of non-corporate assessees decreased from 367.87 lakh in FY 2012-13 to 304.03 lakh in FY 2013-14 registering a decrease of 17.4 per cent.

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