Union Finance Minister Nirmala Sitharaman greets as she arrive at Vigyan Bhawan to attend the 164th Income Tax Day celebrations, in New Delhi on July 24, 2023
| Photo Credit: ANI
Finance and Corporate Affairs Minister Nirmala Sitharaman assured taxpayers of a clear, goal and friendly income tax regime and stated assessments for round one lakh notices issued to taxpayers this yr might be accomplished by March 2024.
Stressing that such notices had been solely despatched to those that ought to have been submitting taxes however hadn’t, or these whom the Income Tax division believed had understated income, the Minister stated the Central Board of Direct Taxes has assured that these might be cleared by subsequent March.
Widening India’s tax base stays a precedence and the tax collected or deducted at supply (TCS and TDS) strategy to “track and trace” possible tax liabilities, together with campaigns and “nudges” to encourage individuals to come back above board on taxes, will assist, she stated.
Speaking at an Income Tax Day occasion, Ms. Sitharaman stated whereas the division is now clear, goal and friendly, there may be nonetheless “a lingering memory” of the use of discretion by a few officers.
“The board today is not sitting over notices that have been issued and any level of discretion is being played up or people gaming the system is not happening anymore… But the perception also matters. Let us ask the question to introspect on how we are being perceived. And how do we handle ourselves,” she famous.
