Reconstituted CBDT to meet income tax officers Monday

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SME Times News Bureau | 19 Dec, 2014
The recently-reconstituted Central Board of Direct Taxes (CBDT) will hold its first meeting on Monday to review tax collection, an income tax department source said Thursday.

The source told media that the six-member CBDT, which has four new members, is slated to hold a meeting via video link with senior tax department officers from across the country Dec 22.

A major reshuffle had been effected in the CBDT recently in which the newly-appointed four members were allocated their charges and work area. One member has been working in the board earlier.

The upcoming meeting will also take forward the decisions of the October review meeting of senior tax officials to assess the revenue collection target for the current fiscal which was chaired by Finance Minister Arun Jaitley, the source added.

The government aims to collect Rs.736,000 crore from direct taxes in the current fiscal, whereas it had collected Rs.636,000 crore last year.

Net tax receipts in the first half of 2014-15 stood at Rs.323,000 crore.

At a time when the focus is on illicit income stashed away in foreign accounts, Jaitley has asked the tax department not to lose sight of domestic black money and pursue offenders in sectors where it is most prevalent.

"The recovery of black money and taxes due thereon will also help the department in achieving its tax collection targets," he told officials at the October meeting.

The minister also asked the tax officials to be assessee-friendly while aiming at widening the tax base.