CBDT to conduct a Nation-wide Tax Collection Review for the year 2018 Today

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In a bid to increase the direct tax revenue, the Central Board of Direct Taxes (CBDT) will conduct a country-wide review of tax collection, especially for advance tax, tax deduction at source (TDS), arrears, and black money.

The Board had revised the direct tax revenue target to Rs 10 trillion, which includes personal income tax and corporate tax.

A report said that the department has already identified some tax defaulters who had shown differences between the income and expenses to defer the payment. The cases where the assessees were unable to justify the earnings and source of money, used for investments during this financial year, had been directed to pay the full amount, he said. Besides, the agency will analyze top TDS defaulters in the country and follow-up action or disposal of matter in such cases, the report said.

It was also reported that the Board is very much concerned over the shortfall in TDS collections. The meeting will also verify the pending tax arrears till January this year. The cases of cash collection, out of the total tax arrears demands, will also be taken up during the meeting. The Board will also check the current status of black money cases under the ‘Operation Clean Money’ (OCM) under which it has, already has sent 6000 notices to the persons in who received more than 2.5 lakhs in their bank accounts during the window period after demonetization.

The IT Department has conducted 9000 searches between November 2016 and March 2017, leading to detection of undisclosed income of Rs 93 billion.

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