Widening & Deepening of tax base is the need of hour says Mr. P C Mody at PHD Chamber

No. PR- 212

February 4, 2021

New Delhi

 

Widening & Deepening of tax base is the need of hour says Mr. P C Mody at PHD Chamber

 

 

At a Post Budget Session organized by PHD Chamber, Mr. Pramod Chandra Mody, Chairman, Central Board of Direct Taxes said that it the main focus of CBDT is to ensure transparency, efficiency, instilling confidence in taxpayers' & streamlining tax administration. It is equally important to focus on widening and deepening the tax base, rather than fiddling with the tax rates.

 

Mr. Mody further added that it is the endeavor of CBDT to provide the best of taxpayers' services and deliver the promise of "Honouring the Honest". The CBDT has imparted objectivity in the assessment process. Capacity building is also being focused upon to cater to the demanding workload.

 

Mr. Kamlesh Varshney, Joint Secretary, (TPL I) apprised the members that the department is conscious of the issues being faced by NRIs due to the tax issues arising out of period of stay in India.  He said that a circular will be issued at appropriate time to address such concern once normalcy returns. He also highlighted that it is the Government's endeavor to promote affordable housing, and this will be definitely taken care of, even if not through the exemptions under Direct Tax route.

 

Speaking at the Session, Mr. Sanjay Aggarwal, President, PHD Chamber lauded the formation of Development Finance Institutions. He felt that the focus on healthcare, infrastructure, & defence is encouraging. He felt that it is indeed gratifying to note the allocation of 35,000 crores to the covid vaccine which shows the strength of India to not only help itself but also other during these trying times. He lauded the extension of faceless assessments to ITAT level to reduce litigations.

 

Also present at the Session were Mr. Pradeep Multani, Senior Vice President, PHD Chamber; Mr. Saket Dalmia, Vice President, PHD Chamber; Mr. Anil Kumar Chopra, Chairman, Economic Affairs Committee & Mentor, Direct Taxes Committee; Mr. Mukul Bagla, Chairman, Direct Taxes Committee; Mr. Saurabh Sanyal, Secretary General & Dr. S P Sharma, Chief Economist, PHD Chamber.

 

Ends

Media Division

PHD Chamber of Commerce and Industry