The CBDT has issued Office Order No. 127/2013 dated 14.06.2013 stating that the President of India has appointed Ms. Sudha Sharma as Chairperson of the Central Board of Direct Taxes (CBDT) in the pay scale of Rs. 80,000 (fixed) with the status of Special Secretary to the Government. Upon taking charge, Ms. Sudha Sharma addressed a letter in which she pointed out that that the guiding principles of “non-intrusive” and “non-adversarial” tax administration as laid down by the Finance Minister has to be followed by the department in its day-to-day working. She also emphasized that the department has to create an environment for voluntary compliance. She pointed out that as tax collectors of the country, the tax department has a pivotal role to play in national growth and has to achieve the huge target of budget collection. She emphasized that the potential for tax collection is much higher given that there is a base of only about 3.5 crore assesses, a mere 2.9% of the national population, of which only 42,800 declares annual income over Rs. 1 crore. She stated that while the endeavour would be to promote voluntary compliance and provide hassle-free service to the honest tax payers, focus would need to be kept on non-filers and stop-filers in order in order to enhance the tax base and augment tax collection. She also stated that the department is aiming at achieving a tax regulation regimen in India which can match the best in the world.
Tuesday, 18 June 2013
India Will Have The Best Tax Regime In The World: New CBDT Chief
The CBDT has issued Office Order No. 127/2013 dated 14.06.2013 stating that the President of India has appointed Ms. Sudha Sharma as Chairperson of the Central Board of Direct Taxes (CBDT) in the pay scale of Rs. 80,000 (fixed) with the status of Special Secretary to the Government. Upon taking charge, Ms. Sudha Sharma addressed a letter in which she pointed out that that the guiding principles of “non-intrusive” and “non-adversarial” tax administration as laid down by the Finance Minister has to be followed by the department in its day-to-day working. She also emphasized that the department has to create an environment for voluntary compliance. She pointed out that as tax collectors of the country, the tax department has a pivotal role to play in national growth and has to achieve the huge target of budget collection. She emphasized that the potential for tax collection is much higher given that there is a base of only about 3.5 crore assesses, a mere 2.9% of the national population, of which only 42,800 declares annual income over Rs. 1 crore. She stated that while the endeavour would be to promote voluntary compliance and provide hassle-free service to the honest tax payers, focus would need to be kept on non-filers and stop-filers in order in order to enhance the tax base and augment tax collection. She also stated that the department is aiming at achieving a tax regulation regimen in India which can match the best in the world.
Subscribe to:
Post Comments (Atom)
CBDT issues second round of frequently asked questions in relation to Direct Tax Vivad Se Vishwas Scheme, 2024
This Tax Alert summarizes Circular No. 19/2024 dated 16 December 2024 (VSV 2- December Circular) issued by the Central Board of Direct Tax...
-
PCIT vs. The Executor of Estate of Late Smt. Manjula A. Shah (Bombay High Court) S. 50C Capital Gains: The valuation of the stamp autho...
-
This Tax Alert summarizes a recent ruling of the Supreme Court (SC) [1] on availability of CENVAT Credit on mobile towers and pre-fabrica...
-
IFRS and US GAAP - Similarities and Differences What is IFRS? And what is GAAP? The main difference between IFRS and US GAAP is that G...
-
Madras HC reverses ITAT's order, grants deduction u/s. 80P(2)(a)(i) to assessee (a society engaged in the business of banking and provi...
-
SC dismisses assessee-company’s SLP challenging Bombay HC order upholding re-assessment initiation (beyond 4 yrs period) based on a special...
-
SC dismisses Revenue’s SLP challenging Bombay HC order in case of assessee (belonging to Lodha group of companies engaged in real estate bu...
-
Claiming a foreign tax credit (FTC) in Australia allows companies to offset foreign taxes paid on income earned overseas against their Aust...
-
HC allows HDFC Bank’s writ petition, quashes AO’s order and subsequent reference to TPO alleging that certain related party transactions [p...
-
Delhi ITAT deletes Rs. 1558.57 cr. capital gains addition on Telenor India for AY 2014-15, holds that set off of non-refundable entry fee p...
-
This Tax Alert summarizes a recent ruling of the Bombay High Court (HC)1 on admissibility of input tax credit (ITC) w.r.t GST on advance p...
No comments:
Post a Comment