Central Board of Direct Taxes: If you also file income tax every year, then this news is useful for you. Finance Minister Nirmala Sitharaman said that the Central Board of Direct Taxes (CBDT) should ensure timely action on all taxpayers’ applications.
The Finance Minister said that a time limit should be fixed for disposal of such applications. The Finance Minister said that CBDT should increase its efforts to make taxpayers aware while expanding its reach. The Finance Minister discussed three important issues in the meeting with the CBDT.
Got information about 3 crore people
During the meeting of the Finance Minister, there was talk on increasing the number of taxpayers. Along with this, discussions were held on pending disciplinary action against Income Tax officials and condonation of delay under the Income Tax 1961 Act. During this, the Finance Minister was informed that there has been a jump of more than 1100 percent in the information to be reported due to getting new data source of financial transactions from Dividend, Interest, Share, Mutual Fund and GSTN. Information about 3 crore people has been received from this.
TDS code increased from 36 to 65
The new TDS codes have increased from 36 to 65 in the last eight years. The effect of this was that in 2015-16 where 70 crore transactions were reported. Its number has now increased to 144 crores. The number of unique deductees almost doubled from 4.8 crore in 2015-16 to 9.2 crore. The contribution of personal income tax to GDP has increased. It was 2.11 percent in 2014-15, which has now increased to 2.94 percent.
asked to finalize the proceedings
During this, the Finance Minister asked to expedite the review of the ongoing action against the employees and officers of the Income Tax Department. On behalf of the Finance Minister, CBDT was asked to finalize such action. Nirmala Sitharaman emphasized that the CBDT should take appropriate action on all applications filed by taxpayers in a timely manner.
