CBDT to conduct nationwide review of tax collection for FY18 today

CBDT to conduct nationwide review of tax collection on Wednesday for FY18The Central Board of Direct Taxes (CBDT) will conduct on Wednesday a countrywide review of tax collection, especially for advance tax, tax deduction at source (TDS), arrears, and black money cases in a bid to shore up the direct tax revenue kitty for the financial year ending March 31. In December, the CBDT had revised the target for direct tax collection to Rs 10 trillion, which includes personal income tax and corporate tax, up from the budgeted Rs 9.8 trillion. Sources said the agency was confident of achieving the ambitious target as it was receiving a overwhelming response from India Inc. “We are looking at better advance tax collection for the January-March quarter. Up to December, Rs 3.8 trillion advance tax had been collected, reflecting a growth rate of 12.7 per cent as against advance tax payment of the corresponding period in 2016,” said a tax official. While total direct tax collection showed a growth of 19.5 per cent to Rs 7.4 trillion in the April- February period of the current fiscal year, initially the collection number was not satisfactory. The gross tax collection grew only 8.4 per cent in the July quarter of 2017, he noted. Sources said some of the big taxpayers had been asked to pay more advance tax in the last quarter, deadline for which would end on March 15. “We have clarified that there is no scope of deference, short of payment or variation in the advance tax payments for this quarter,” said an I-T official. The I-T department has identified taxpayers who had showed differences between the income and expenses to defer the payment. The cases where the asseessees were unable to justify the earnings and source of money, used for investments during this financial year, had been directed to pay the full amount, he said. Besides, the agency will analyse top TDS defaulters in the country and follow-up action or disposal of matter in such cases.

Source: Business Standard