Jaitley assures honest taxpayers and allays fears of black money law

Income tax officials told to increase collection as govt seeks to hike social spending

GN Bureau | May 25, 2015


#arun jaitley   #finance minister   #income tax   #direct tax   #social spending   #infra projects  

Finance Minister Arun Jaitley has assured that the honest taxpayers have nothing to fear about the new black money law.

Addressing the annual conference of top income tax officials on Monday he said there is sufficient scope to increase tax base. This was necessary as the government wants to increase spending on social sector and infrastructure projects, Jaitley said.

On the new black money law which seeks to bring back the illicit funds stashed abroad, Jaitley said, "no honest taxpayer has anything to fear. It's targeted only against those who have stashed assets abroad."

Black money has to be squeezed without being harsh, he said. "The parallel economy has to be squeezed...and (it) has to be done in very fair manner, not in a harsh manner. In doing so, as senior officers you have to ... maintain the highest standard of integrity," the finance minister told the top officials of the Central Board of Direct Taxes (CBDT).

The government, the minister said, has taken a host of measures to curb the menace of black money. These include passage of the black money law by Parliament and introduction of Benami Transactions (Prohibition) bill to deal with unaccounted domestic wealth.

He sought improvement in tax collection as it will increase the ability of the government to step up spending on social and infrastructure projects and provide relief to individual taxpayers.

He also said that the government aims to bring down corporate tax rate to global levels and will phase out exemptions.

For the current financial year, the minister said, direct tax collection was likely to improve by 14-15 per cent and there was possibility of government improving upon the fiscal deficit target of 3.9 per cent. Last fiscal, direct tax collections has recorded 9 per cent growth.

Revenue Secretary Shaktikanta Das said that direct tax target of Rs 7.98 lakh crore for 2015-16 is very much achievable.

Comments

 

Other News

Reopening: Old guidelines extended to November

As the Covid-19 situation continues to improve in India, the ministry of home affairs (MHA) has decided to continue the Guidelines for Reopening, which have already done away with nearly all of Lockdown restrictions in areas outside the containment zones. The MHA issued an order Monday and e

India records lowest new cases in three months

After a scare in September with the number of daily fresh cases inching above 90,000, India seems to have gone down the peak, with several key parameters giving cause for relief just in time for the annual festive season. The new confirmed cases in the 24 hours to Tuesday morning have fallen below 36,500 (

India’s case fatality rate lowest since Janata curfew

The annual festive season has brought good news for India: the country’s case fatality ratio has gone down to touch 1.5 percent, and the number of deaths per day has dipped below 500 in the 24 hours to Monday morning – bringing the situation closer to the number before the lockdown was imposed

“Script is the real hero”

Basking in the success of the new web series, ‘Scam 1992: The Harshad  Mehta Story ’,on SonyLIV, the OTT platform from Sony stable where the lead actors are new faces, NP Singh, MD and CEO of Sony Pictures Networks, has said that the script is the new hero. He credited the s

India’s active cases below 10% of total cases for three days

India’s trend of steadily decreasing active cases continues unabated. The number of Active Cases has remained below 10% of the total cases for the last three days, suggesting only one in 10 cases is active Covid-19 patient. The active cases comprise merely 9.29% of the total positive c

Cabinet clears bonus for non-gazetted employees

The union cabinet chaired by prime minister Narendra Modi on Wednesday gave its approval to pay productivity linked bonus (PLB) for 2019-20 to 16.97 lakh non-gazetted employees of commercial establishments like Railways, Posts, Defence, EPFO, and ESIC, with a financial implication of Rs.2,791 crore.

India Police Virtual Summit and Awards 2020

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter