New Delhi, Apr 25: Union Finance Minister Nirmala Sitharaman on Tuesday exhorted the Central Board of Direct Taxes (CBDT) to take prompt action in disciplinary cases against tax officers and other employees.
In a periodic review meeting with CBDT here today, the Minister also discussed measures to widen taxpayer base and disposal of applications for condonation of delay and grant of exemptions under certain sections of the Income Tax Act.
During the meeting, officers apprised the minister about the impact of introduction of new data sources in Statement of Financial Transactions (SFT) like dividend and interest, securities, mutual funds and information from GSTN (Goods and Services Network).
It was also stated that introduction of new TDS codes has led to an increase in total reported transaction in FY 2021-22 to 144 crore as compared to total reported transaction in FY 2015-16 of 70 crore.
“This has resulted in increase in number of unique deductees — almost doubled from 4.8 crore (in F.Y. 2015-16) to 9.2 crore (in F.Y. 2021-22),” said a statement from the Finance Ministry after the meeting.
Sitharaman was also apprised of the fact that the Personal Income Tax (PIT) to GDP ratio has been steadily increasing from 2.11 in 2014-15 to 2.94 in 2021-22.
The review meeting was attended by the Revenue Secretary, Chairman, CBDT and all the Members of CBDT.
The Finance Minister emphasised in the high-level meeting that CBDT should ensure timely and appropriate actions on all applications filed by taxpayers and desired a reasonable time frame for disposal of such applications.
