CBDT reduces tax collection target for FY 2019-20 by Rs. 45000 crores, from 13.80 crores to 13.35 crores

CBDT reduces tax collection target for FY 2019-20 by Rs. 45000 crores, from 13.80 crores to 13.35 crores

In May 2019, the CBDT had set a ambitious income tax budgetary target of Rs. 13.80 lakh crores for FY 2019-20 which was 15% more than the direct tax collection target of Rs 12 lakh crore for FY 2018-19.

As per the Office memorandum issued to all Principal Chief Commissioners of Income Tax for the original targets, the Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region.

The revenue potential in turn is based on the weighted average growth rate of net collections of last three years, giving highest weight to the immediately preceding year.

The statistical growth rate for a Region has been further moderated by averaging it out with the all­ India targeted growth rate so as to narrow the gap between all-India growth and the target growth rate given to the Region. Factors significantly affecting the potential of revenue for a particular Region have also been taken into account for making necessary adjustments in the Regional targets so as to allocate the Budget Estimates reasonably and equitably.

Out of revised total budgetary target of 1335000 crores, approx 57.37% relates to corporate tax, approx 49% to personal income tax and approx 1% is security transaction tax.

CBDT reduces tax collection target for FY 2019-20

The revised Pr. CCIT region wise tax targets are as under:

The original targets were as under:

• Jewellery purportedly received from grandparent under Will added as unexplained credits
• SC lays down tests to determine if a debt is financial debt or operational under IBC
• Commonality of directors of companies does not mean deposits received was bogus
• Application though named as rectification but if tax is not legitimate, it also touches merit: HC
• Cost of acquisition as on 01.04.1981 taken as per valuer report by reverse indexing of FMV

addition u/s 68 ca misconduct cash deposit in bank cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory gstr-1 GSTR-3B GST rates IBBI ibc icai announcement itat mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 Search & Seizure sebi circular sebi regulations transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes