Union Finance Minister Arun Jaitley asked the senior officers of the Central Board of Direct Taxes (CBDT) not to lose sight of domestic black money keeping in view its tax collection targets.
The Finance Minister was speaking at a Review Meeting of Principal Chief Commissioners, Principal Directors General , Chief Commissioners and Directors General of Income Tax in Delhi on Thursday to assess and analyse the achievements of the Budget Targets for Revenue Collections for Financial Year 2014-15.
Revenue Collection targets for Direct taxes for the Financial Year 2014-15 has been fixed at Rs. 7,36,221 crore and the Department has made net collections as on 20th October, 2014 of Rs. 2,96,802 crore during the current year (1st April-20th October, 2014). Gross collections were to the tune of Rs. 3,77,652 crore while Refunds were made of Rs.80,850 crore during this period. Thus Gross Collections grew at the growth rate of 13.6 %.
Jaitley further asked the tax officials to widen the tax base in order to bring more and more people within tax domain. He said that senior officers of the department shall act and behave in a assessee friendly manner but at the same time ensure that tax payers don’t evade tax and must pay the taxes due from them.
Earlier speaking on the occasion, Ms Nirmala Sitharaman, MOS (Finance) said that department should devise new strategies to achieve the desired targets as collections are absolute critical for the Government to run its public welfare programmes.
A.K. Jain, Member (Revenue), CBDT said there will be follow-up of Non filers Monitoring System (NMS) cases. There may be calling of returns in those cases where in last three years Income returned exceeded Rs.10 lakhs or SAT paid exceeded Rs. 1 lakh but return not filed for the Current FY.
Appropriate action may be taken to deter default/deferment of payment of TDS/Self Assessment Tax. Multi media campaign would be undertaken to encourage voluntary compliance of tax laws especially in vernacular medium, he said.