New Delhi: The Government said on Tuesday that the introduction of new tracking features has helped Income tax Department expands tax base BaseWhich was identified by the Finance Minister Nirmala Sitharaman Along with educating the taxpayers and disposal of disciplinary proceedings as a major focus area.
During a meeting with the FM, the Central Board of Direct Taxes said that the introduction of new data sources in the Statement of Financial Transactions (SFT), such as details of dividends, interest, shares and mutual funds, as well as information from GSTN , has led. There has been a 12-fold increase in reported information, which includes information on nearly 30 million people.
Similarly, the introduction of new TDS codes – which have almost doubled from 36 to 65 during the last eight years – resulted in an increase in reported transactions in 2021-22 to 144 crore as compared to 70 crore in 2015-16, finance
the ministry said in a statement. This has resulted in an increase in the number of unique deductees – (which) almost doubled from 4.8 crore (in 2015-16) to 9.2 crore (in 2021-22).
Further, the tax department argued that the measures have helped increase the ratio of personal income tax (PIT) to GDP from 2.1 in 2014-15 to 2.9 in 2021-22.
The data came days after Sitharaman said the government was seeking to widen the tax base and argued that data on non-salaried taxpayers through measures such as TDS was helping the cause.
During the meeting, the FM also told the top Income Tax officials that there is a need to step up efforts to educate people on taxation and financial matters. On Sunday, Sitharaman had cautioned a gathering in Bengaluru against financial influencers as well as Ponzi apps.
The FM also reviewed the cases of disciplinary proceedings pending against the employees and officers and said that administrative and procedural delays should be reduced. He asked the CBDT to take prompt action to finalize such proceedings, the statement said.
Further, he underlined the need to ensure timely and proper action on all applications filed by taxpayers.
During a meeting with the FM, the Central Board of Direct Taxes said that the introduction of new data sources in the Statement of Financial Transactions (SFT), such as details of dividends, interest, shares and mutual funds, as well as information from GSTN , has led. There has been a 12-fold increase in reported information, which includes information on nearly 30 million people.
Similarly, the introduction of new TDS codes – which have almost doubled from 36 to 65 during the last eight years – resulted in an increase in reported transactions in 2021-22 to 144 crore as compared to 70 crore in 2015-16, finance
the ministry said in a statement. This has resulted in an increase in the number of unique deductees – (which) almost doubled from 4.8 crore (in 2015-16) to 9.2 crore (in 2021-22).
Further, the tax department argued that the measures have helped increase the ratio of personal income tax (PIT) to GDP from 2.1 in 2014-15 to 2.9 in 2021-22.
The data came days after Sitharaman said the government was seeking to widen the tax base and argued that data on non-salaried taxpayers through measures such as TDS was helping the cause.
During the meeting, the FM also told the top Income Tax officials that there is a need to step up efforts to educate people on taxation and financial matters. On Sunday, Sitharaman had cautioned a gathering in Bengaluru against financial influencers as well as Ponzi apps.
The FM also reviewed the cases of disciplinary proceedings pending against the employees and officers and said that administrative and procedural delays should be reduced. He asked the CBDT to take prompt action to finalize such proceedings, the statement said.
Further, he underlined the need to ensure timely and proper action on all applications filed by taxpayers.