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: list of goods taxed at 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TDS :: VAT Audit :: ACCOUNTING STANDARD
 
 
Indirect Tax »
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target
 Keep indirect taxes 'low, affordable' under GST

I-T dept to bring 1 crore new people under tax net this fiscal
July, 20th 2015

The income tax department has launched an ambitious drive to bring under its net one crore new taxpayers after the government recently asked the taxman to achieve the target within the current fiscal.

As part of government's initiative to broaden the tax base, the Central Board of Direct Taxes (CBDT), the apex policy making body of the I-T, this week activated all field formations of the department to achieve the goal with the Pune region being given the maximum target of bringing in over 10 lakh new assesses.

The order issued by the CBDT, also accessed by PTI, has laid down region-wise targets. Maharashtra's second largest urban centre Pune leads the list with the target of over 10.14 lakh new assesses, north western states comprising Jammu & Kashmir, Himachal Pradesh, Punjab and Haryana over 9.30 lakh new assesses, and the newly bifurcated states of Andhra Pradesh and Telangana will have to contribute 7.93 lakh new taxpayers.

Similarly, Gujarat region has been given a target of getting more than 7.86 lakh taxpayers, Tamil Nadu over 7.64 lakh, West Bengal and Sikkim over 6.91 lakh, and Mumbai region 6.23 lakh assesses. The target for the national capital has been set at 5.32 lakh new assesses.

READ ALSO: Income tax return can now be verified electronically

The tax department has a total of 18 regions in the country for purposes of collection of revenue under the major heads of income tax, wealth tax, and advance tax for large entities like corporates.

The board has also communicated to the taxman that it should adopt a multi-pronged strategy to achieve this "not so easy" target by holding meetings with trade associations and professional bodies and obtaining data on under-reporting assesses through technical and human intelligence.

The strategy in this regard was mooted and formally launched in May this year when CBDT told the tax department about the government's desire to have at least 25 lakh new assesses each month from across the country

"With effectively eight months remaining in the 2015-16 fiscal, the target has now been set at one crore new assesses. The CBDT and the tax department scientifically arrived at these region-wise numbers taking into account the revenue paying potential of these different regions in the country," a senior official said while explaining the new strategy.

These steps were mooted as the tax department is concerned over the "very small number" of people paying income tax.

READ ALSO: No need to post e-filed I-T returns

The official said as per current data, the taxpayer base is just over 4 crore which is about 4 per cent of the total population.

"Ambitious and multiple social welfare and development schemes can be launched by the government only when it has money in its pockets. The department, in its internal deliberations, has found that a large section of taxpaying population remains untapped and hence the new drive holds relevance and importance," the official said.

The CBDT has also asked the taxman to clampdown on tax deducted at source (TDS) defaults and ensure that big Income Tax defaulters are just not let off after slapping penalties but also prosecuted in a court of law.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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