FM calls for efforts to reach tax target of Rs 13.35L cr

FM calls for efforts to reach tax target of Rs 13.35L cr

Agency News

New Delhi, Jul 24 : Union Finance Minister Nirmala Sitharaman on Wednesday said taxmen should make an all-out effort to increase the direct tax collection and achieve the target of Rs 13.35 lakh crore in 2019-20, set in the Union Budget.

“In the past five years, we have nearly doubled the direct tax collections and that cannot be small achievement so I place on record my appreciation for the efforts of the team… This year target is somewhere between Rs 11.8 lakh crore to slightly over Rs 13 lakh crore, which is no big deal at all,” Ms Sitharaman said.

The Minister was speaking at the celebrations for the 159th Income Tax Day here.
She said Income Tax, Enforcement Directorate and the Directorate of Revenue Intelligence are three chapters of the Revenue department which should share right information and correct investigation about an assessee for better tax administration.
If the department, she said, has the right information about the assesse, the tax people do not need to make extra efforts to check tax evasion.

The Minister also directed the taxmen to deal with tax evaders firmly. At the same time, she said honest taxpayers should be provided a good service and felicitation. "If avoidance and evasion are two things in your mind, 'a' and 'e', of the five vowels,... then the other three letters comes into play -- 'i', 'o', 'u'. No avoidance and no evasion, then you owe the assessee a good service, facilitation. The left is 'i' 'o' 'u'," she added.
Ms Sitharaman said the idea behind putting more tax on rich people is that they should contribute more towards nation building.

The Minister in the July 25 Union Budget has increased the surcharge from 15 per cent to 25 per cent on people with taxable income between Rs 2-5 crore and from Rs 15 per cent to 37 per cent on income above Rs 5 crore.

Extending the greeting for the 159th anniversary, the Minister said, “Whole process of collection of income tax has revolved and today I think reached a stage where a lot is happening in digital media, electronically a lot of things have been facilitated.”(UNI)