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INTERVIEW | Corporate tax collection in FY21-22 expected to be better than pre-COVID collections: CBDT chief
In an exclusive interview with Moneycontrol, PC Mody said that committees like those on Direct Tax Code (DTC) were constituted in a certain context and with certain intent in mind and it s not essential that all the suggestions of such committees get implemented.
CBDT chief PC Mody
Corporate tax collection would take a year or two to stabilise and reflect the full impact of the corporate tax rate reduction announced in 2019,
PC Mody, chairman at Central Board of Direct Taxes (CBDT) told
Moneycontrol in an exclusive interview a day after the Union Budget 2021-22 was presented.
India Budget 2021: Why the country is in dire need of tax reforms
Dhirendra Tripathi/Delhi Filed on January 31, 2021
Tax compliance in India has always been abysmal. However, the Modi administration is trying to make the framework simpler and people-friendly, amid the challenges of Covid-19.
Amongst the biggest challenges any Indian finance minister faces is how to mop up more revenue to fund the government expenditure on defence, social welfare, and health. It’s a country where interpretation of tax can be arbitrary and revenue leakages are high. For the current incumbent, Nirmala Sitharaman, the task will be even more onerous when she gets up to present the budget for the next financial year, which begins on April 1 and ends on March 31, amid the raging coronavirus outbreak that has singed growth and drastically whittled down revenue.
Budget 2021-22 expected to incorporate recommendations of panel on direct tax code
The government had constituted the direct tax code task force to overhaul the Income Tax Act. January 27, 2021 / 04:47 PM IST
Some of the recommendations made by the Direct Tax Code task force may find their way into Budget 2021-22 to be presented by Finance Minister Nirmala Sitharaman on February 1.
Increasing the rebate provided for health insurance and payment of housing loans, changes in income tax slabs, and extending the leave travel allowance scheme are being considered in order to boost consumption.
In its August 2019 report, the Direct Tax Code task force had suggested a significant widening of income tax slabs. The task force was constituted by the government to review the income tax law.
Economic Survey 2020: Key takeaways
India s revival in a post-pandemic world is not just about getting the economic policy right, but also about getting governance and national priorities right, political commentator and policy analyst Sanjaya Baru writes in Beyond Coronaviruss Shadow - Mapping India s Economic Resurgence .
A compendium of 20 scholarly essays by eminent economists, academicians and writers that Baru has also edited also includes a 12-point roadmap enunciated by Arvind Virmani, who has served as the government s Chief Economic Advisor and as India s Representative to the IMF. The defining reality of the post-COVID world is uncertainty about the behaviour of consumers, savers, investors, workers and entrepreneurs. Their confidence in the future has been shaken and shaped by a new kind of uncertainty that one normally associates with an all-out global war, Baru writes in his essay titled The Political Economy of Uncertainty .