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Centre seeks to add 7.5 million to tax net

The Centre is aiming to increase the number of income tax assesses by another 7.5 million by the end of the current financial year through new measures on direct taxes announced in the Budget, according to A Balasubramanian, member (legislation), Central Board of Direct Taxes.

Addressing a press conference in Madras today, he said the number of income tax asseeses in the last financial year had gone up to 15 million from 12.5 million.

He said some aspects of the direct taxes such as no change in income and corporate tax rates, raising of basic exemption limit from Rs 40,000 to Rs 50,000, standard deduction, widening of tax base and waiving of gift tax on gifts, were meant to be taxpayer-friendly. However, tax evaders would be strictly dealt with.

He said the facility for immunity from prosecution under the Samadhan scheme for realisation of tax arrears would not be applicable to those who are already being prosecuted under National Security Act or Prevention of Corruption Act.

The status of "infrastructure facility" accorded to housing projects and cent per cent tax holiday for five years for approved housing projects were meant to promote housing in the country, he added.

Budget '98