Sunday, November 24, 2024
HomeBusiness NewsNew CBDT Head Emphasizes Financial Implications Of Tax Selections

New CBDT Head Emphasizes Financial Implications Of Tax Selections


Newly appointed CBDT chairman Ravi Agrawal has informed Revenue Tax Division officers that the choices they take have implications on the nation’s financial system, ease of doing enterprise and worldwide transactions as he requested them to attract a 100-day motion plan.

Agrawal, 59, took cost as the top of the executive physique of the direct taxes division within the Union finance ministry on Monday. The federal government issued orders for his appointment final week.

The brand new CBDT chief wrote a two-page letter to the officers and workers of the division that has been accessed by PTI.

“Collectively, we must always construct an expert Division that’s well-versed within the nuances of investigation, delicate to taxpayer necessities, technology-savvy and is conscious of our strategy in direction of taxpayers. Allow us to be aware that the choices that we take have implications on the nation’s financial system and ease of doing enterprise, together with worldwide transactions and companies,” Agrawal wrote in his message issued on Monday.

He stated that the federal government has mandated every division to attract a 100-day plan of motion and therefore, he expects numerous wings of the division to attract their appropriate 100-day motion plans and take initiatives in a ‘time-bound method’.

“These plans could be suitably drawn and applied in every vary, cost and area. Please keep in mind that the achievements of the Revenue Tax Division are a collective effort and initiatives taken at every degree add as much as the achievements of the Division. I urge you all to additionally draw brief, medium and long-term plans of your respective verticals and costs. I might admire discussing with the respective groups concerning the motion plans drawn by you,” he wrote in his message to the division.

Agrawal stated the ‘complexities’ of economic transactions had been growing day-by-day at the same time as new enterprise practices and the character of economic transactions had been evolving.

“We deal with a large spectrum of taxpayers that vary from new particular person taxpayers to organisations having operations throughout the globe. Allow us to equip ourselves with understanding the newest tendencies in companies & monetary transactions in order that we’re able to addressing related points with an expert strategy,” he wrote.

The CBDT chief stated the officers of the I-T Division ought to ‘have interaction’ with the stakeholders to assemble extra insights into the monetary ecosystem on one hand and construct their confidence in our processes on the opposite.

“We should combine extra expertise into our procedures to make sure that our processes are environment friendly, truthful, and clear, thereby fostering belief and confidence amongst taxpayers. Leveraging fashionable expertise has helped us streamline operations, scale back inefficiencies, and supply superior companies to taxpayers,” he stated.

Agrawal stated that whereas ‘we take delight’ within the milestones achieved via technology-driven processes, authorities course of re-engineering, and stakeholder engagement, ‘we should recognise that there are nonetheless many areas’ that require consideration.

He stated the CBDT and the tax division had been ‘dedicated’ to putting in environment friendly processes to handle the problems of greater than eight crore Revenue Tax Return (ITR) filers and about 34 lakh deductors.

The chairman stated the collective efforts of the division officers was ‘important to realize excellence and make a big impression on the nation’s financial improvement’.

“As we embark on this journey collectively, allow us to stay dedicated to the best requirements of professionalism, integrity, and repair,” Agrawal wrote.

He additionally urged the tax officers to make sure a ‘wholesome stability’ between their skilled obligations and private well-being as they’ve ‘demanding’ skilled duties.

. Learn extra on Private Finance by NDTV Revenue.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments