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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

Finance minister asks tax officials to collect more
July, 22nd 2014

Finance Minister Arun Jaitley on Monday asked the income tax department to beat the Budget Estimate of Rs 7,36,221 crore for direct tax collections and focus on unearthing black money not just abroad but also within the country. He, however, cautioned that while performing their duty, tax officers should maintain highest standards of ethics as credibility of the department is its greatest asset.

According to a media statement issued by the finance ministry, Jaitley said though the government was making full efforts to bring back the black money stashed abroad, officers should also make serious efforts to unearth black money within the country which is also quite large.

"The finance minister said officers are duty-bound to work in a non-adversarial, non-intrusive, transparent and fair manner, yet they have to deal firmly with those trying to evade taxes due from them to the department," the statement said.

Addressing the annual conference of principal chief commissioners, principal director-generals, chief commissioners and director generals of income tax, Jaitley said the job of the officers of the department was very difficult in the sense that on the one hand, they have to achieve the tax collection targets, and on the other, to play the role of tax facilitator for the assessee.

Earlier, addressing the officers, Revenue Secretary Shaktikanta Das said senior officers have to find innovative means to achieve their revenue targets. He also said the officers of the department have to work as a facilitator and achieve targets by using fair and transparent means.

"The focus and efforts of the officers of the department should be to reduce tax arrears, which are to the tune of Rs 4 lakh crore and higher tax recovery," Das said. He also asked the officers to reduce tax litigation and avoid frivolous and avoidable litigation in this regard.

The Budget target for direct taxes was scaled down in the Revised Estimates, as collections took a hit amid a slowing economy. The I-T department had surpassed the RE of Rs 6,36,318 crore, while actual collection was Rs 6,38,495 crore.

Central Board of Direct Taxes (CBDT) Chairman R K Tewari said the officers of the department would make their utmost efforts to achieve the tax collection targets fixed for them. He also said direct tax collections in the past 10 years have grown over 600 per cent.

The direct tax to GDP ratio was 5.62 per cent during 2013-14, compared with 5.52 per cent during 2012-13.

The CBDT chairman also enumerated various steps taken to augment revenue collections, including monitoring of advance tax payments by top tax papers, TDS payments by top deductors, monitoring tax payments by entities covered under MAT/AMT provisions, appropriate action to tackle default/deferment of payments of TDS/self-assessment tax, follow-up of non-filers monitoring system cases, utilising information available through third party sources, capturing new information sources such as under reporting of immoveable property transaction amount, buyback of shares through open offers, exchange of information with other countries.

This two-day conference was also attended G S Sandhu, secretary, financial services; Ravi Mathur, secretary, disinvestment; chairman and members of CBDT, chairperson and members of the Central Board of Excise and Customs and senior officers of the revenue department among others.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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