Here is important update regarding IT Department Strategy to achieve Revenue Collection Target
The Central Board of Direct Taxes (CBDT) convened a
meeting of all cadre-Controlling Chief Commissioners of
Income Tax here today to discuss strategies for achieving the
revenue collection target budgeted at Rs.3,70,000 crore
(Rs.3.7 trillion) and internally reset at Rs.4,00,000 crore (Rs.4
trillion). The meeting was addressed by the Member
(Revenue) and the Chairman, CBDT. The Revenue Secretary
also attended the meeting.
The strategies discussed during the meeting include
(i)
monitoring advance tax payments of top
companies and persuading them not to defer
such payment as self-assessment tax for the
next fiscal;
(ii) monitoring tax payments of loss-making companies, liable to MAT at enhanced rate of 15%, and persuading them to make such payment as advance tax during the current
fiscal;
(iii) monitoring TDS deposits by private deductors
as well as state governments / local bodies;
and
(iv) focussing on collection out of tax arrears, as well as tax demand raised in scrutiny assessments during the current fiscal.