MM TAX CLUB

The Finance Ministry on Monday highlighted a bold move taken by the Income-Tax Department on tax liability on married couples. Speaking on the occasion of the 164th National Tax Day on July 24 at the Vigyan Bhavan in New Delhi, the Revenue Secretary, Sanjay Malhotra, said that the I-T Department has allowed the taxes paid by the wife to be adjusted with the husband's tax liability. He emphasised that while the move was not sustainable in a law, the Department still managed to allow it. Sanjay Malhotra called it a very bold decision taken by the Department.

Focus on three I's

He also spoke about how the ratio of tax to GDP has increased to 6 per cent.

The Revenue Secretary lauded the I-T Department for robust tax collection. He also appreciated their efforts in increasing the tax base and augmenting the ease of compliance. Sanjay Malhotra reiterated that the Department should continue to focus on Industry, Innovation, and Integrity- the three I's.

He shed light on the need to focus on taxpayer services as well.

Nirmala Sitharaman lauds I-T Department

At the same event, Finance Minister Nirmala Sitharaman spoke extensively about the increase in tax collection that has been achieved in recent years. She said that this growth came about without any increase in tax rates, and attributed the success to the increase in efficiency of the I-T Department. The Minister underlined the various reforms brought in by the Union Government in the Finance Act 2023 to provide relief to salaried class, start-ups, Medium, Small, and Micro Enterprises (MSMEs), and cooperative societies.

Nirmala Sitharaman stressed the need to work on widening the tax base while making the tax administration transparent, objective, and taxpayer-friendly. She also lauded the Department's continued efforts in implementing the three R's-Return processing, Refund issue and Redressal of grievances.

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