Technology will help improve tax compliance: Chidambaram
Ghaziabad: Finance Minister P. Chidambaram Saturday said the government has introduced "world-class" technology that improved tax compliance, resulting in a boost to the exchequer. After launching a centralised processing cell for Tax Deducted at Source (TDS) here Chidambaram said India was moving towards a technology driven tax administration. "We have today in partnership with Infosys, put in place here the most advanced technologies...the systems here, the software here is equal to anything anywhere else in the world," the finance minister told reporters.
He said the use of advanced technology would help trace tax evaders and make things easier for the genuine tax payers. "There are 14 lakh tax deductees who are filing returns, but 14 lakh are not filing returns. We want each one of the 28 lakh tax deductees to file returns," Chidambaram said. The new centralised processing cell for TDS is situated at Aayakar Bhawan, Sector-3, Vaishali, Ghaziabad.
"What we have here is a world-class facility equal to the facility in Bengaluru, which processes the income tax returns... this will process the TDS returns," Chidambaram said. Infosys is the software partner for both the centres. The finance minister said the central processing centres would be a "big boom" for tax payers as well as the government.
"I know how much the taxpayer suffers if the TDS is not credited to his or her account. It's a big boom to the taxpayer. Secondly, it's also a big boom to the government, which will now be able to collect every single rupee that is deducted and account for every single rupee," he said.
RBI Chief Raghuram Rajan stated that more economic data is needed to be confident that economic growth is picking up, although he added that the benefits to exports from the Rupee's fall is yet to kick in.
Date 11-12-13, Duration 2:19, Views 37