Taxation in India

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CBDT Chairman Sushil Chandra Monday expressed confidence in exceeding Rs 11.5 lakh crore direct tax collection target in current fiscal. In 2018-19 budget, the government had projected a 14.3 per cent rise in direct tax collections to Rs 11.5 lakh crore.

The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer.

Union Finance Minister Arun Jaitley, in a blog post on Thursday, said the larger purpose of demonetisation was to not to invalidate the non-deposited currency, but to move India from a tax non-compliant society to a compliant society.

The Central Board of Direct Taxes (CBDT) has mandated ‘e-proceeding’ for all income-tax scrutiny in 2018-19.

The finance ministry has proposed amendments in the Income Tax rules for obtaining ‘no deduction of tax’ certificate electronically, a move aimed at minimising human interface and reducing compliance burden. The tax department proposes to make changes in Form No 13 and related rules under the Income Tax Act.

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