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Revenue Secretary Shaktikanta Das on Monday asked the central board of direct taxes (CBDT) to put together a "strategy paper" for elimination of tax exemptions provided to corporates.
This strategy paper will help the Government prepare a roadmap for elimination--in a phased manner--of income tax exemptions provided to corporates, Shaktikanta Das said at the annual conference of chief commissioners and directors' general of income tax here.
The main reason for tax disputes between corporates and the income tax department is the issue of "exempions", Das highlighted.
PONZI SCHEMES
Meanwhile, Das wanted the senior tax officials to place equal emphasis on tackling domestic black money just as efforts are being taken to bring back unaccounted money stashed abroad,
Income tax officials also need to be alert about ponzi schemes and get them referred to the regulatory agencies and state governments even while taking deterrent action from tax point of view, he said.
On the infamous HSBC list, the Revenue Secretary said that all assessments which were required to be completed before March 31 have been completed
Where new information has been received for those in the HSBC list and cases needed to be opened up, the investigations should be completed expeditiously, Das said.
Das also said that the direct taxes collection target of Rs 7.98 lakh crore for current fiscal was "realistic" and "very much achievable" given the expected gross domestic product (GDP) growth.
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