Income Tax officials' tax assessment limits raised Income Tax officials' tax assessment limits raised Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« General »

Open DEMAT Account in 24 hrs
Won case against income tax department but still waiting for benefit? No more delay after an update in ITR portal
Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
Income Tax Return: Miss THIS ITR filing deadline and you will be fined Rs 10000
Tax contribution of petroleum sector set to drop rapidly in FY 2024-25
Missed reporting foreign assets in ITR? File revised return to avoid Rs 10 lakh penalty
Tax regime shift: Is filing ITR under old regime still valid after default new regime?
Income Tax Department Targets Bogus Refund Claims, Issues Notices To Taxpayers
IT firms bullish on higher spending due to tax cuts
How to calculate capital gains tax on sale of land?
Don't fall for fake notices! How to verify your income tax communication
I decided to shift to the new tax regime. Will I lose benefit on interest income of my PPF account?


« KPMG: Sukh Sagor Diploma in IFRS Training Program...	Deloitte: Unprecedented changes in consumer behavior lie... »
Income Tax officials' tax assessment limits raised

February, 05th 2011
In a significant organisational revamp, the Central Board of Direct Taxes has raised the monetary limit of tax assessments handled by income tax officers or ITOs. The move is designed to lighten the load on senior officers so that they can concentrate more on investigations, international taxation issues and transfer pricing. It also aims to ease the hardships of taxpayers in small towns and mofussil areas who have to travel to cities to attend to their tax matters. "It's a two-pronged strategy," an official with the Central Board of Direct Taxes said. "The idea is to free up revenue cadres for tax administration and more specialised areas while doing away with the unnecessary hardship faced by taxpayers." Under the revised monetary limits, revenue cadre officials in metros will handle non-corporate taxpayers with an annual income above 20 lakh and corporates with an income above 30 lakh. In case of non-metros, they will deal only with non-corporate taxpayers with an annual income above 15 lakh and corporates with income over 20 lakh. This is a big respite for taxpayers in small towns who until now had to travel to big centres where a commissioner or an assistant commissioner usually has his office. The Central Board of Direct Taxes has also finalised a strategic plan that includes creation of dedicated directorates for criminal investigation and risk management. Resources freed up as part of this restructuring will be diverted to these specialised units. This will help in mounting an effective surveillance on fund flows into the country that have the potential to impact national security. The country's direct tax revenues have grown from 13,000 crore in 1991-92 to 3.87 lakh crore in 2009-10. The number of taxpayers has also grown nearly five times over the period to more than 3.2 crore. Direct tax collections grew sharply in smaller cities in 2009-10. Collections from regional centres, including Chandigarh, Kanpur and Jaipur, rose 30%, 7.29% and over 36%, respectively, indicating increased pressure on tax collectors.