Maximisation of revenue realisation from direct taxes will be one of the top priorities of the new chairman of the Central Board of Direct Taxes (CBDT), OP Srivastava.
He took over as chairman of CBDT from A Balasubramanian, who retired from the service today. Srivastava is a 1964 batch officer of Indian Revenue Service. He was member CBDT prior to his elevation as chairman.
Talking to Business Standard after taking over as chairman, Srivastava said he would pursue the policies followed by his predecessor. He added that increasing the tax-base, the development of a taxpayer-friendly administration and the removal of the grievances of the people would be his top priorities besides improving tax collection.
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Direct tax collection in the first quarter of the current financial year has declined by 27.62 per cent at Rs 7,699 crore as compared to Rs 10,637 crore collected in the same period last year.
Srivastava said honest taxpayers would have nothing to worry about. However, those who are not filing income tax returns or are under-reporting, will be taken to task by the tax administration, he added.
On the imposition of the Rs 5,000 fine introduced from the current assessment year for not filing income tax returns before the due date, Srivastava said