SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 26 Apr, 2023  

Sitharaman.9.thmb.jpg Sitharaman chairs review meeting with CBDT

Sitharaman.9.jpg
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
PIB | 26 Apr, 2023

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired a periodic review meeting with Central Board of Direct Taxes (CBDT), on Wednesday in New Delhi.

The review meeting was attended by the Revenue Secretary; Chairman, CBDT; and all the Members of CBDT.

The Finance Minister reviewed the following subjects:

  • Efforts for increasing tax payer base
  • Pending disciplinary proceeding cases
  • Disposal of applications for condonation of delay and grant of exemptions under certain sections of the Income Tax Act, 1961

During the review meeting, the Finance Minister was apprised about the impact of the following initiatives:

    • Introduction of new data sources in Statement of Financial Transactions (SFT) like Dividend and Interest; Securities; Mutual Funds and information from GSTN in recent years has led to 1118% increase in reported information. This has resulted in addition of information of about 3 crore persons.
    • Introduction of new TDS codes, which have almost doubled from 36 to 65 in last eight years, led to increase in total reported transaction in FY 2021-22 to 144 crore as compared to total reported transaction in FY 2015-16 of 70 crore. This has resulted in increase in number of unique deductees — almost doubled from 4.8 crore (in F.Y. 2015-16) to 9.2 crore (in F.Y. 2021-22).

Sitharaman was also apprised of the fact that the Personal Income Tax (PIT) to GDP ratio has been steadily increasing from 2.11 in F.Y. 2014-15 to 2.94 in F.Y. 2021-22.

The Finance Minister also reviewed the pending disciplinary proceeding cases against employees/officers and observed that administrative and procedural delays should be minimised. Smt. Sitharaman also directed CBDT to take prompt action in finalisation of such proceedings.

The Finance Minister emphasised that CBDT should ensure timely and appropriate actions on all applications filed by tax payers and desired a reasonable time frame for disposal of such applications.

The Finance Minister exhorted CBDT to expand and strengthen its efforts to increase tax payers’ awareness regarding the provisions of the direct tax laws and compliance thereof.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter