Taxmen discuss ways to meet collection target

The Central Board of Direct Taxes convened a meeting of all cadre-controlling chief commissioners of income tax in Delhi on Thursday to discuss strategies for achieving the revenue collection target budgeted at Rs 3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs 4,00,000 crore (Rs 4 trillion).

The meeting was addressed by the member (revenue) and the chairman, CBDT. The revenue secretary also attended the meeting.

The strategies discussed during the meeting include:

• (i) monitoring advance tax payments of top companies and persuading them not to defer such payment as self-assessment tax for the next fiscal;
• (ii) monitoring tax payments of loss-making companies, liable to MAT at enhanced rate of 15 per cent, and persuading them to make such payment as advance tax during the current fiscal;
• (iii) monitoring TDS deposits by private deductors as well as state governments / local bodies; and
• (iv) focussing on collection out of tax arrears, as well as tax demand raised in scrutiny assessments during the current fiscal.