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FM to take up annual returns with I-T bosses
July, 04th 2006

Finance Minister P Chidambaram will on Tuesday brainstorm with chief commissioners and director generals of Income Tax plans to utilise data mined through the Annual Information Returns.

This is the first item on the agenda for the two-day annual meeting. Briefing reporters ahead of the conference, Central Board of Direct Taxes Chairman M H Kherawala said the focus would be on strategies to maximise revenues, reducing revenue arrears and widening of the tax base.

She said in view of the increased significance of computerisation in the income tax department, the meeting would also focus on computerisation of information through third party sources.

In addition to this administrative matters such as preventive vigilance, matters relating to infrastructure and the Right to Information Act would also be covered.

Kherawala said that the income tax department is hoping to receive more income tax returns this year compared with the Rs 2.64 crore returns received during 2005-06.

We are hoping to receive more returns since now all partnership firms have to file their returns irrespective of their income or losses suffered.

Also filing of returns has been made compulsory for all those whose total salary exceeds the exemption threshold of Rs 1 lakh, Rs 1.35 lakh for women and Rs 1.85 lakh for senior citizens. These categories have to file their returns even if the net income is not taxable, Kherawala said.

Kherawala said the CBDT had not set any target for the returns expected this year.

She also urged small tax payers to take advantage of the help centres set up by the department for two months up to August 15, which provide assistance free of costs to file returns and apply for Permanent Account Number.

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