New Delhi, April 25 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman on Tuesday emphasised that the Central Board of Direct Taxes (CBDT) should ensure timely action on all applications filed by tax payers and desired that a reasonable time frame should be set for disposal of such applications.
She also exhorted CBDT to expand and strengthen its efforts to increase tax payers' awareness regarding the provisions of the direct tax laws and their compliance.
In a review meeting of the board, the Finance Minister mainly focussed on efforts for increasing tax payer base, pending disciplinary proceeding cases, and disposal of applications for condonation of delay and grant of exemptions under certain sections of the Income Tax Act, 1961.
Apart from CBDT chairman and members, the revenue secretary was also present in the meeting.
According to official sources, it was informed during the meeting that the 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 a huge 1,118 per cent increase in reported information. This has resulted in addition of information of about three crore persons.
Introduction of new TDS codes, which have almost doubled from 36 to 65 in the last eight years, led to an increase in total reported transactions in 2021-22 to 144 crore as compared to total reported transaction in 2015-16 of 70 crore. This has resulted in increase in number of unique deductees - almost doubled from 4.8 crore in 2015-16 to 9.2 crore in 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 2014-15 to 2.94 in 2021-22.
She also reviewed the pending disciplinary proceeding cases against employees and officers and observed that administrative and procedural delays should be minimised.
Sitharaman also directed CBDT to take prompt action in finalisation of such proceedings.
Source: IANS
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