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

3% of medicines are of poor quality: Survey

 More than three percent of medicines in India are ‘Not of Standard Quality’ (NSQ) and 0.0245 percent spurious, reveals a survey report on drugs quality by the ministry of health.  The survey carried out by National Institute of Biologicals (NIB), Noida found that out of the

BEL unveils new weapon system for MBT Arjun tank

 Bharat electronics limited (BEL) has launched a new weapon control system — Remote Controlled Weapon Station (RCWS) / Air Defence Weapon Station (ADWS) for 12.7 mm gun of MBT Arjun Mk II battle tank during recently concluded Aero India 2017 in Bengaluru. The new weapon control system

Sasikala camp in talks with OPS faction

 The Sasikala camp is in talks with the O Panneerselvam (OPS) faction and they are trying to win them over, says an AIADMK insider. Negotiation have started between the main AIADMK, which is with Sasikala, and the splinter group that is supporting former chief minister OPS. The party insider

Stories to read over the weekend

On October 1 last year, Mehtab Alam Ansari, 30, who worked as a tailor in Delhi, had arrived in his village, Chepa Khurd in Barkagaon tehsil of Harazibagh district, to celebrate Eid with his family. That morning, he was nearing Dadi Kalan, a neighbouring village, to meet an acquaintance when he hea

ONGC to invest of Rs 7,327 cr for five projects

  State run enterprise oil and natural gas corporation limited (ONGC) has decided to invest Rs 7,327 crore to develop five projects to produce oil and gas. The decision was taken in its 290th board meeting held on February 23. The projects include development of R-Series fields, incl

Shiv Sena may again ally with BJP

The civic election results could well have long term implications in Maharashtra’s politics, with the Bharatiya Janata Party (BJP) doing dramatically well and the Shiv Sena failing to get a simple majority.   The Shiv Sena won 84 seats, while the BJP bagged 82 seats. Th

Video

Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter