Finance Minister Inaugurates the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax;Asks Department to prepare itself for Transition from the Income Tax Act 1961 to the Direct Tax Code Bill Regime; Calls it Officers to Strive Hard to Achieve Tax Collection Target of Rs.5.33 Lakh Crores for 2011-12
The Union Finance Minister Shri Pranab Mukherjee said that towards better taxpayer services, this year the IT department has introduced simple and user friendly SAHAJ (Form) for individual salary tax-payers. He said that he has also introduced SUGAM for small tax-payers availing presumptive tax scheme. Moreover, salaried tax-payers with income up to Rs.5 lakh will be exempted from filing returns for which suitable Notification is expected very soon. This will apply from the current assessment year (2011-12) for the income earned in 2010-11 and would be beneficial to a large section of salaried tax-payers, Shri Mukherjee said.
Shri Mukherjee said that Direct Tax Code Bill is under examination of Parliament Standing Committee and will be effective from April 1, 2012. Therefore, Department should prepare for transition from the Income Tax Act 1961 to the Direct Tax Code Bill regime, he said. The Finance Minister said that it would include various issues like redrawing of business processes, rules, forms, training needs of manpower and the necessary infrastructure. This task should be completed in a mission mode to avoid any inconvenience to tax-payers and also to maintain continuity in revenue buoyancy, said the Minsiter.
Shri Pranab Mukherjee said that the tax Deduction at Source is a major component of tax collected and is based on very healthy principle of “pay as you earn”. The Centralized Processing Centre (CPC) for TDS matters at Ghaziabad is likely to be functional this year. Policy initiatives by CBDT in this area of work by making it enforceable against the deductors on real time basis may be of relevance for enhancing the TDS collections. The Minister said that It should be ensured that this CPC is set up on priority and its technological capabilities are fully exploited for revenue collection maximization
The Union Finance Minister Shri Pranab Mukherjee said that towards better taxpayer services, this year the IT department has introduced simple and user friendly SAHAJ (Form) for individual salary tax-payers. He said that he has also introduced SUGAM for small tax-payers availing presumptive tax scheme. Moreover, salaried tax-payers with income up to Rs.5 lakh will be exempted from filing returns for which suitable Notification is expected very soon. This will apply from the current assessment year (2011-12) for the income earned in 2010-11 and would be beneficial to a large section of salaried tax-payers, Shri Mukherjee said.
Shri Mukherjee said that Direct Tax Code Bill is under examination of Parliament Standing Committee and will be effective from April 1, 2012. Therefore, Department should prepare for transition from the Income Tax Act 1961 to the Direct Tax Code Bill regime, he said. The Finance Minister said that it would include various issues like redrawing of business processes, rules, forms, training needs of manpower and the necessary infrastructure. This task should be completed in a mission mode to avoid any inconvenience to tax-payers and also to maintain continuity in revenue buoyancy, said the Minsiter.
Shri Pranab Mukherjee said that the tax Deduction at Source is a major component of tax collected and is based on very healthy principle of “pay as you earn”. The Centralized Processing Centre (CPC) for TDS matters at Ghaziabad is likely to be functional this year. Policy initiatives by CBDT in this area of work by making it enforceable against the deductors on real time basis may be of relevance for enhancing the TDS collections. The Minister said that It should be ensured that this CPC is set up on priority and its technological capabilities are fully exploited for revenue collection maximization
