Hopeful of achieving 25% growth in net collections, says CBDT chief
In a bid to ease the taxpayer's burden, the Central Board of Direct Taxes (CBDT) has proposed a common income tax return form for all taxpayers. The form will be an amalgamation of all ITR forms barring Form-7.
Nitin Gupta, Chairman of CBDT, told CNBC-TV18 that tax collections currently are up 24 percent, gross tax collections up 30 percent year-on-year and that he is hopeful of achieving 25 percent growth in net collections.
“As of now we are up 24 percent already vis-à-vis the last year in net terms after issuing refunds of around Rs 2,00,000 crore. On a gross basis also our collections are 30 percent higher than the last year. So we are very hopeful that we would be achieving around 25 percent growth in the net collections over and above the budget estimates,” Gupta said.
In a bid to ease the taxpayer's burden, the Central Board of Direct Taxes (CBDT) has proposed a common income tax return form for all taxpayers. The form will be an amalgamation of all ITR forms barring Form-7.
On merging ITR forms Gupta said that the department's endeavour has been ease of compliance with the taxpayers and it have been given a lot of emphasis upon that. "In this area, a lot of new initiatives have been taken and the common return form is one of the initiatives where we are preparing a composite form. The objective is to reduce the length of the form and make it easy for the taxpayer to fill up the data,” he said.
On TDS provisions he said the tax requirement has been enlarging the scope and the CBDT is creating an audit trail so that the data is available with the tax department and they have been utilising the data. "We have been presenting the data to the taxpayer as well. So there is a nudging with the taxpayer that the lot of information is available with the department and the taxpayer should come clean and pay the due taxes whatever is to be payable by him. So I think that is the objective of the department. Right now we have been successful in this area,” he said.
Also Read: Govt unlikely to make major rate changes in upcoming fortnightly review of windfall gains tax
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
2024 Lok Sabha Elections | Will Amethi and Rae Bareli see the rise of Priyanka Gandhi as a dominant political figure
May 18, 2024 8:59 AM
Lok Sabha Election 2024: I.N.D.I.A. bloc to hold rally at Mumbai's BKC today
May 17, 2024 5:18 PM
In Ayodhya, voters talk of a promise fulfilled and yearning for development
May 17, 2024 2:10 PM
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM