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Budget 2018
Last Updated : Feb 05, 2018 01:50 PM IST | Source: Moneycontrol.com

CBDT head says anti-abuse laws were introduced to stop misuse of tax provisions

The government had to introduce anti-abuse laws in a bid to stop industries from misusing direct tax provisions, Sushil Chandra, Chairman of Central Board of Direct Taxes said today.

The government had to introduce anti-abuse laws in a bid to stop industries from misusing direct tax provisions, Sushil Chandra, Chairman of Central Board of Direct Taxes said today.

“I will urge the industry that we should not give in to the temptation of misuse of any section (in income tax law) so that our work of adding anti-abuse provision is reduced and such provisions go away,” Chandra said at a post-budget industry event.

Companies misuse certain provisions despite simple laws and reasonable rates, Chandra said, spelling out a strong message that rates will automatically come down when the industry is tax compliant.

Finance and revenue Secretary Hasmukh Adhia, who was also present at the event said there will be greater inflow of taxes in the next two years.

Notices that were sent to people who had deposited a lot of money post demonetisation will come to logical conclusion, Adhia said, adding, this would lead to higher tax collection.

By conducting sustained campaigns against tax evasion, the government has sent a strong message to become a 'tax compliant society’, Adhia said

India Union Budget 2018: What does Finance Minister Arun Jaitley have up his sleeve? Click here for live Budget 2018 news, views and analyses.
First Published on Feb 5, 2018 01:50 pm
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