Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Govt tapping tech to widen tax base, give quick refunds
May, 14th 2016

With sustained efforts by the government, the number of taxpayers in the country has risen to 5.7 crore for assessment year (AY) 2016-17 from the 5.43 crore seen last year, revenue secretary Hasmukh Adhia told FE

With sustained efforts by the government, the number of taxpayers in the country has risen to 5.7 crore for assessment year (AY) 2016-17 from the 5.43 crore seen last year, revenue secretary Hasmukh Adhia told FE. There were 4.88 crore taxpayers in the country in AY2013-14.

“We are using a lot of technology and giving earlier refunds. This year, we tried to finish all assessments early and give refunds expeditiously so that the backlog is reduced,” said the secretary.

Separately, the finance ministry’s annual report said that “tax base” rose from 6.5 crore at the end of FY14 to 6.86 crore by FY15-end, an addition of 76 lakh people.

The tax base is defined as the number of persons who have either filed income tax returns or in whose case tax has reportedly been paid or deducted.

With more than 95% returns being filed online, it becomes easier for the I-T department to process it within a short span of time. The department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 2015-16, which saw 94% of the returns being filed online. In 2014-15, Rs 1,12,188 crore was paid as refunds and Rs 89,664 crore in 2013-14.

“We do not want to be forcibly collect tax from anybody. But we do not want our officers to be lazy also. They need to be alert and see if there are any taxes due, they will have to finish assessments on time. And they will have to raise demand and refunds on time,” said Adhia.

Both the Central Board of Director Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others. As regards indirect tax collections, the indirect tax to GDP ratio was about 5.17% compared with 4.36% for 2014-15.

SWIFT, or Single Window Interface for Facilitating Trade, acts as a single-point interface for over 50 offices of six government agencies for clearance of Exim goods and reduces documentation and costs, thereby benefiting over 97% of India’s imports.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions