Senior Indian Revenue Service (IRS) officer Sushil Chandra today took over as chairman of the Central Board of Direct Taxes (CBDT).
CBDT has asked taxmen to pull up their socks to ensure revenue collection targets are met as the figures till September show a shortfall of an estimated over Rs 14,000 crore.
The Appointments Committee of the Cabinet approved the appointment of Chandra as Chairperson of the CBDT to replace Nair, who is superannuating on October 31, an order issued by Department of Personnel and Training said.
As part of larger exercise of Budget overhaul, government is looking at advancing the dates of its presentation in Parliament by a month to January-end to ensure that the whole process is completed before the new financial year begins.
"Negotiations are under way with Singapore... It is a bilateral treaty. We have to take concerns of both the countries and then we will have to sign," Central Board of Direct Taxes (CBDT) Chairperson Rani Singh Nair told reporters.
The move follows Supreme Court-appointed Special Investigation Team (SIT) on black money recommending banning cash transactions of Rs 3 lakh and above and restricting cash holding with individuals and industry to Rs 15 lakh to curb illegal wealth in the country.