Supreme Court wants a disability fund created by excess money collected by Income Tax Department

Sushubh

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Oct 29, 2004
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Looks like a lot of money is collected because of round offs.

SC takes cue of excess IT collection; suggests disability fund - India Legal

The Supreme Court bench of Chief Justice JS Khehar and Justice D Y Chandrachud is handling an interesting case of extra money collected by the Income Tax Department and what to do with it.

The case is about rounding off the amounts collected. For example, if the amount is Rs 120.20, instead of going by the simple decimal logic of marking it as Rs 120, the department logs the tax collected as Rs 121.