The scheme announced in the Budget last year allowed for the settlement of tax disputes due up to January 31, 2020.
In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance
This relates to entities resolving long pending litigation issues with the Income Tax Department
IRS Association proposes to redraft transfer and deputation policy, seeks rebranding of IRS
Many taxpayers are waiting to file applications under 'Vivad Se Vishwas' scheme, but they are also waiting for correct demand to be intimated to them, says P C Mody
He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.
CBDT Chairman P C Mody said most of the issues pertaining to startups were already addressed in last budget
A three per cent rise is definitely achievable
The set target for revenue collection (personal income tax, corporate tax and others) was Rs 13.35 trillion for the 2019-20 financial year that ends on March 31
A 1982-batch Indian Revenue Service (Income Tax cadre) officer, Mody, took over as the Central Board of Direct Taxation (CBDT) chief in February
The tax department has named this new system as 'Project Insight', as it provides a 360-degree profiling and insight into an entities' complete transactions trail
He also said that the government can only think of further "lowering" corporate tax rates once the exemptions and deductions in this sector are phased out
Central Board of Direct Taxes (CBDT) Chairman P C Mody told PTI in an interview that all "legacy issues" related to start-ups will be resolved through a consultative process
In a communication to principal chief commissioners sent on Friday, the CBDT chief said pending cases are a cause of concern and point to a "lackadaisical attitude"
It is understood that the decision to extend the incumbent's term was taken in order to provide continuity as the CBDT is at the forefront of combating black money