If you are also one of those Income taxpayers, this information will be helpful to you. The Central Board of Direct Taxes (CBDT), according to Finance Minister Nirmala Sitharaman, should guarantee a prompt response to all applications from taxpayers. The Finance Minister suggested setting a deadline for handling such applications. The Finance Minister advised CBDT to broaden its reach while stepping up its efforts to educate taxpayers. In the discussion with the CBDT, the finance minister covered three crucial topics.
Gathered data on 3 crore people
The topic of raising the number of taxpayers came up during the Finance Minister’s meeting. Along with this, discussions were made regarding the Income Tax 1961 Act’s provisional delay condonation and pending disciplinary actions against Income Tax officers. The Finance Minister was informed that the information to be reported has increased by more than 1100 percent as a result of acquiring additional data on financial transactions from Dividends, Interest, Shares, Mutual Funds, and GSTN. Through this, information on 3 crore persons was obtained.
TDS code was raised to 65 from 36.
In the last eight years, the new TDS code increased from 36 to 65. This had the result that 70 crore transactions were registered in 2015–16. At this time, there are 144 crores of them. Between 2015–16 and 2016–17, there were 9.2 crore unique deductees, nearly doubling from 4.8 crore. Personal income tax is now a larger portion of GDP. In 2014–15, it was 2.11 percent; it is currently 2.94 percent.
The Finance Minister requested that the review of the
ongoing action against the officers and workers of the Income Tax Department be expedited in order to conclude the procedures. CBDT was requested by the Finance Minister to do such an activity. Nirmala Sitharaman stressed the need for the CBDT to promptly respond to all applications submitted by taxpayers.
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