new Delhi. Central Board of Direct Taxes (CBDT) chairman JB Mohapatra said that the government’s decisions to reform the Income Tax Department and ‘strengthen’ the domestic economy have resulted in record direct tax collections. He said that the apprehensions related to the economy affected by Kovid-19 were dismissed and companies performed well during the current financial year 2021-22 in terms of paying tax.
Mohapatra said, “It will be very difficult to say how the situation will be next year but there is no room to say that good times last only for four quarters.” He also mentioned the reasons for record tax collection during the conversation. He said, ‘First of all, the Indian economy has to be strengthened. The better the economy, the better will be the tax collection, which is happening now.
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Collection has also increased due to the improvements made in the departments
The collections have also increased due to the reforms made in the departments which have an impact on tax collection. Mohapatra said that there are many policy measures, which have been taken in the budget or outside the budget and now the ‘effect’ or ‘benefit’ of these measures is now visible. The third reason for the increase in tax collection can be the steps being taken for the last four years towards reforms within the department.
Technology in IT department
Mohapatra said, “The fourth reason is small but important and it is related to the introduction of technology in the Income Tax Department.”
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Rs 54,000-55,000 crore from regular assessment tax
He said that out of the tax collection of more than Rs 13.63 lakh crore (as on March 16), only Rs 54,000-55,000 crore has come from Regular Assessment Tax. The CBDT chairman said that the remaining collection is coming through voluntary compliance and this is happening because taxpayers are getting empowered by the financial information they are getting.
Tags: direct tax, income tax, income tax department
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