CBDT says ‘ non-neogtiable ‘ income tax shortages.

CBDT says non negotiable income tax shortages,instructing top brass to pull up their stocks to reach the  FY20 deadline

Tax collection deficit is not negotiable given reduction in the corporate tax rateand that this short fall of Rs 1.36 lakh crore needs to be recovered with extra effort.

After not being satisfied with the current rate of tax collectionthe board of the Central Board of Direct Tax (CBDT) laid out plan for change and set target for the implementation of tax surveys for the respective regions.

The group, along with CBDT Chairman PC Modi, held video conference with all divisions of Income Tax chief commissioners and other senior officials.

source who attended the meeting said to Money

In the meeting, the CBDT claimed that this short fall of Rs 1.36 lakh crore needs to be recovered with extra effort.In Mumbai itself, the target of Rs 13.36 lakh crore for FY20 is expected to bring short fall of Rs 32,000 crore.

CBDT has developed strategies to collect more tax in the next two months, including identifying those companies that have differences in the payment of good and service tax and income tax, and taking 20 per cent of that amount from those companies whose appeals are pending at the level of the Commissioner.At the CIT level, appeals worth around Rs 3.6 lakh crore are pending, from which 20 per cent of the money will go to the tax collection kitty.

The following two tabs change content below.
Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

WhatsApp chat