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Union Finance Minister Smt. Nirmala Sitharaman chairs review meeting with Central Board of Direct Taxes

in National April 25, 2023 Comments Off on Union Finance Minister Smt. Nirmala Sitharaman chairs review meeting with Central Board of Direct Taxes 345 Views

Newdelhi:25/4/23:Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a periodic review meeting with Central Board of Direct Taxes (CBDT), here today. The review meeting was attended by the Revenue Secretary; Chairman, CBDT; and all the Members of CBDT.

Inter alia, 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).

Smt. 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.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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