I-T Deptt has already collected Rs 6.45 lakh cr tax: CBDT Chairman

Source: The Hitavada      Date: 31 Dec 2017 10:06:41


By Praveen Vighre,

With increase in personal income-tax assessees, tax base has gone up post-demonetisation, said CBDT Chairman

APPLAUDING the demonetisation and the Goods and Services Tax (GST), Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT) said that there was a 20 per cent increase in the Income-Tax returns and 24 per cent hike in individual returns filers post-demonetisation. 

Chandra was in city for the inauguration of the induction training of the 71st batch of the Indian Revenue Service (IRS). “Our officers are working on bringing back black money and analysing cash deposits made after November 8, 2016 demonetisation. The department has identified the assessees in terms of the tax amounts they may have cheated on. We have served notices to 1.15 lakh assessees after the deposit of money in the banks after demonetisation under Section 142-1,” Sushil Chandra said in an interview on Saturday at the National Academy of Direct Taxes (NADT).

Chandra further said that the Income-Tax (I-T) department was investigating the financial dealings of the people suspected of tax evasion and persuading many other assessees caught on the wrong side of the law, to start filing the I-T returns.“We are also keeping watch on those who make high-value purchases and investments but don’t file returns. The tax authority is on a massive data-collection exercise that will make it difficult for the tax evaders to remain unnoticed,” Chandra said. The CBDT Chairman informed ‘The Hitavada’ that under the Pradhan Mantri Garib Kalyan Yojana, 21,000 people had come forward and registered themselves. Some people had also taken the benefits of the Income Declaration Scheme (IDS).

“Enforcement action will be taken against those left out. The I-T department is matching the tax profiles of all property registrations of above Rs 30 lakh under the provisions of the Anti-Benami Act, as action against illicit asset holders is set to be intensified soon,” said the top taxman of the country. “In the annual Budget for 2017-18, we were given a growth target of 15.7 per cent. Our present growth rate is about 16.5 per cent. Against the target of Rs 9.80 lakh crore, we have already collected Rs 6.45 lakh crore,” Chandra claimed. He added that the tax base had gone up and there was an increase in personal income-tax assessees and the advance tax had also increased by 21 per cent.

Expressing his opinion about tax rate, Chandra noted that India was having the lowest Income-Tax rate in the world. “Although the average annual per capita income of the country is Rs 1 lakh, we are charging Income-Tax at an annual income of Rs 5 lakh and that, too, only 5 per cent. Whereas a person can also take ATC benefit on that. The highest tax slab in India is maximum 30 per cent while that in the US is 36 per cent and in the UK it is 40 per cent,”

Chandra said and urged the people to be fair in showing their correct income. The CBDT Chairman also noted that now every purchase and transaction was under the supervision of the Income-Tax department and hence one could not escape without paying Income-Tax.