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IT Dept drafting Vision 2020 to widen tax net
January, 18th 2010

Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place.

The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior revenue officials to come out with a draft Vision 2020 document that would delineate ways to increase tax collections in a non-intrusive manner.

The committees or working groups are meeting on a regular basis to draft the document that would focus also on monitoring cross-border transactions and inflow of capital, money laundering and exchange of information under treaty obligations, a finance ministry official said.

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