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News INCOME TAX

  • Feb 06, 2024
  • A lot of effort has been made by the department to develop taxpayer confidence: CBDT Chairman

    The income tax department has made a lot of effort to build the confidence of taxpayers through initiatives and the use of technology. This has led to higher compliance and increase in the direct tax collection as well as widening of the taxpayer base, believes Nitin Gupta, Chairman, Central Board of Direct Taxes. In a post Budget interview to BT, Gupta also says that about 60% of taxpayers may move to the new income tax regime. Edited excerpts:

    The direct tax-to-GDP ratio rose to the highest level in 15 years last fiscal and tax collection trends have been robust. What do you attribute this increase to?

    In FY24, the target vis à vis the actual collections of 2022-23 is 16.95% or Rs 19.45 lakh crore in absolute numbers, which is the highest ever target given to us by the government.