Finance minister has asked income tax officers not to lose sight of domestic black money
Finance minister Arun Jaitley asked the tax officials to widen the tax base in order to bring more and more people within tax domain
New Delhi: At a time when there is a huge controversy erupted over black money in foreign shores, finance minister Arun Jaitley asked the senior officers of income tax on Thursday not to lose sight of domestic black money keeping in view its much higher magnitude.He asked the senior officers of the income tax department to make their best efforts to chase those sectors where the domestic black money is most prevalent.
He said that the recovery of black money and taxes due will also help the department in achieving its tax collection targets. Mr Jaitley was speaking at a review meeting of principal chief commissioners, principal directors general, chief commissioners and directors general of income tax in order to assess and analyse the achievements of the budget targets for revenue collections for financial year 2014-15.
Finance minister asked the tax officials to widen the tax base in order to bring more and more people within tax domain. He said that senior officers of the department should act and behave in a assessee friendly manner but at the same time ensure that tax payers don’t evade taxes. Mr Jaitley said that with the rise in economy prospects, it is expected that the revenue department would be able to achieve its targets for the year 2014-15. He further said that certain sectors of economy such as services sector are doing well while other sectors including manufacturing sector are gradually picking-up compared to previous years.
He expects that performance of economy during the third quarter and fourth quarter of the current financial year to be better than previous ones.Giving details of actions planned by the income tax department against tax evaders, A.K. Jain, member (revenue), CBDT said that there will be monitoring of advance tax payments by top tax payers. There may be follow-up on actionable list of top 200/100 deductors generated by CPC-TDS where shortfall in TDS this fiscal is more than 10 per cent as compared to previous FY. Besides, there will be follow-up of non filers monitoring system (NMS) cases.
There may be calling of returns in those cases where in last three years income returned exceeded '10 lakhs but return was not filed for the current financial year. MoS finance Nirmala Sitharaman said that department should devise new strategies to achieve the desired targets as collections are absolute critical for the government to run its public welfare programmes. Revenue secretary, Shaktikanta Das asked the senior officers of the Income Tax Department to put their heart and soul to achieve their budgeted targets for the FY 2014-15.
( Source : dc correspondent )
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