Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        Interviews | Tarun Bajaj, Revenue Secretary at the Ministry of Finance, interviewed by Vikas Dhoot (The Hindu)    </title>
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It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don&rsquo;t file returns though the tax department gets some TDS..."/>
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify">It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don&rsquo;t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a stable tax regime for the next decade. Excerpts:</p><p style="text-align:justify"><em>* How do you respond to rating agencies&rsquo; concern about the lack of new revenue ideas in the Budget?</em></p><p style="text-align:justify">The only new tax we have is the crypto tax. I don&rsquo;t know how much it will bring but the tax regime has been explained. We are hoping as the economy keeps recovering and GDP keeps growing, the revenues should come as the capex kicks in.</p><p style="text-align:justify">We are also better placed now on both, direct and indirect taxes, in ensuring compliance and getting information on tax payers. This Budget introduces certain clauses &mdash; if a person has not filed his return even for one year and has a TDS (tax deducted at source) of 50,000 in a year, that TDS will double. If you get a perk from a company which claims it as business expense, it must be added to the recipient&rsquo;s income. We have taken care of bonus, and dividend, stripping, tapped by high-income groups and corporates. So, we are looking at the lanes taxpayers are using and as we close that lane, he takes another. With all the information that we have, and are sharing with the taxpayer as we have no intention of giving him surprises or trouble him, our revenues should be fine. If you ask me what is the new tax, I don&rsquo;t want to tinker with my tax every year. That itself is not good and is complained about. I can&rsquo;t have my tax policy being dictated by rating agencies. Earlier, they said we are not giving money to people directly. I used to tell them, &lsquo;You say I am worried about my fisc, [but] once my fisc goes, then you will say, &lsquo;Fisc, Fisc, Fisc!&rsquo; Now, they are talking of borrowings and fiscal deficit.</p><p style="text-align:justify"><em>* India&rsquo;s tax-to-GDP ratio has stagnated. Do we have a mid-term target and strategy to grow the tax base?</em></p><p style="text-align:justify">We were at 9.88% in 2019-20, 10.11% in 2020-21. This year, I wouldn&rsquo;t be surprised if it touches 11%. That&rsquo;s significant. Tax-to-GDP cannot grow by 5% in a year. Compared with similar countries, this is not good and must improve, no doubt about it. Compliance is an issue&hellip; but now, we have a lot of information and are providing a facility to come within two years to pay your taxes. So, I think things should change in the next few years. The Income Tax department is thinking of where to track the expenditure that can be compared with incomes. Provisions like the TDS on luxury cars over 10 lakh, are to ensure that people know that we know. There are about four crore people in this country who don&rsquo;t file returns, but we collect TDS on something from them. There&rsquo;s this habit [of not filing returns]. It is much easier to give relief to people if the base is wide. When I look at the returns this year, this should improve this year... because we&rsquo;ve also got more revenue from personal income tax. While the rich would have paid more, I presume the others also would have.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true" title="https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true">click here</a> to read more.&nbsp;</p><p style="text-align:justify"><strong>Image Courtesy: The Hindu</strong></p>                                                           
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It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don&rsquo;t file returns though the tax department gets some TDS..."/>
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It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don&rsquo;t file returns though the tax department gets some TDS..." />
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify">It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don&rsquo;t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a stable tax regime for the next decade. Excerpts:</p><p style="text-align:justify"><em>* How do you respond to rating agencies&rsquo; concern about the lack of new revenue ideas in the Budget?</em></p><p style="text-align:justify">The only new tax we have is the crypto tax. I don&rsquo;t know how much it will bring but the tax regime has been explained. We are hoping as the economy keeps recovering and GDP keeps growing, the revenues should come as the capex kicks in.</p><p style="text-align:justify">We are also better placed now on both, direct and indirect taxes, in ensuring compliance and getting information on tax payers. This Budget introduces certain clauses &mdash; if a person has not filed his return even for one year and has a TDS (tax deducted at source) of 50,000 in a year, that TDS will double. If you get a perk from a company which claims it as business expense, it must be added to the recipient&rsquo;s income. We have taken care of bonus, and dividend, stripping, tapped by high-income groups and corporates. So, we are looking at the lanes taxpayers are using and as we close that lane, he takes another. With all the information that we have, and are sharing with the taxpayer as we have no intention of giving him surprises or trouble him, our revenues should be fine. If you ask me what is the new tax, I don&rsquo;t want to tinker with my tax every year. That itself is not good and is complained about. I can&rsquo;t have my tax policy being dictated by rating agencies. Earlier, they said we are not giving money to people directly. I used to tell them, &lsquo;You say I am worried about my fisc, [but] once my fisc goes, then you will say, &lsquo;Fisc, Fisc, Fisc!&rsquo; Now, they are talking of borrowings and fiscal deficit.</p><p style="text-align:justify"><em>* India&rsquo;s tax-to-GDP ratio has stagnated. Do we have a mid-term target and strategy to grow the tax base?</em></p><p style="text-align:justify">We were at 9.88% in 2019-20, 10.11% in 2020-21. This year, I wouldn&rsquo;t be surprised if it touches 11%. That&rsquo;s significant. Tax-to-GDP cannot grow by 5% in a year. Compared with similar countries, this is not good and must improve, no doubt about it. Compliance is an issue&hellip; but now, we have a lot of information and are providing a facility to come within two years to pay your taxes. So, I think things should change in the next few years. The Income Tax department is thinking of where to track the expenditure that can be compared with incomes. Provisions like the TDS on luxury cars over 10 lakh, are to ensure that people know that we know. There are about four crore people in this country who don&rsquo;t file returns, but we collect TDS on something from them. There&rsquo;s this habit [of not filing returns]. It is much easier to give relief to people if the base is wide. When I look at the returns this year, this should improve this year... because we&rsquo;ve also got more revenue from personal income tax. While the rich would have paid more, I presume the others also would have.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true" title="https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true">click here</a> to read more.&nbsp;</p><p style="text-align:justify"><strong>Image Courtesy: The Hindu</strong></p>                                                           
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        Interviews | Tarun Bajaj, Revenue Secretary at the Ministry of Finance, interviewed by Vikas Dhoot (The Hindu)    </title>
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify">It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don&rsquo;t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a stable tax regime for the next decade. Excerpts:</p><p style="text-align:justify"><em>* How do you respond to rating agencies&rsquo; concern about the lack of new revenue ideas in the Budget?</em></p><p style="text-align:justify">The only new tax we have is the crypto tax. I don&rsquo;t know how much it will bring but the tax regime has been explained. We are hoping as the economy keeps recovering and GDP keeps growing, the revenues should come as the capex kicks in.</p><p style="text-align:justify">We are also better placed now on both, direct and indirect taxes, in ensuring compliance and getting information on tax payers. This Budget introduces certain clauses &mdash; if a person has not filed his return even for one year and has a TDS (tax deducted at source) of 50,000 in a year, that TDS will double. If you get a perk from a company which claims it as business expense, it must be added to the recipient&rsquo;s income. We have taken care of bonus, and dividend, stripping, tapped by high-income groups and corporates. So, we are looking at the lanes taxpayers are using and as we close that lane, he takes another. With all the information that we have, and are sharing with the taxpayer as we have no intention of giving him surprises or trouble him, our revenues should be fine. If you ask me what is the new tax, I don&rsquo;t want to tinker with my tax every year. That itself is not good and is complained about. I can&rsquo;t have my tax policy being dictated by rating agencies. Earlier, they said we are not giving money to people directly. I used to tell them, &lsquo;You say I am worried about my fisc, [but] once my fisc goes, then you will say, &lsquo;Fisc, Fisc, Fisc!&rsquo; Now, they are talking of borrowings and fiscal deficit.</p><p style="text-align:justify"><em>* India&rsquo;s tax-to-GDP ratio has stagnated. Do we have a mid-term target and strategy to grow the tax base?</em></p><p style="text-align:justify">We were at 9.88% in 2019-20, 10.11% in 2020-21. This year, I wouldn&rsquo;t be surprised if it touches 11%. That&rsquo;s significant. Tax-to-GDP cannot grow by 5% in a year. Compared with similar countries, this is not good and must improve, no doubt about it. Compliance is an issue&hellip; but now, we have a lot of information and are providing a facility to come within two years to pay your taxes. So, I think things should change in the next few years. The Income Tax department is thinking of where to track the expenditure that can be compared with incomes. Provisions like the TDS on luxury cars over 10 lakh, are to ensure that people know that we know. There are about four crore people in this country who don&rsquo;t file returns, but we collect TDS on something from them. There&rsquo;s this habit [of not filing returns]. It is much easier to give relief to people if the base is wide. When I look at the returns this year, this should improve this year... because we&rsquo;ve also got more revenue from personal income tax. While the rich would have paid more, I presume the others also would have.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true" title="https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true">click here</a> to read more.&nbsp;</p><p style="text-align:justify"><strong>Image Courtesy: The Hindu</strong></p>                                                           
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Tarun Bajaj, Revenue Secretary at the Ministry of Finance, interviewed by Vikas Dhoot (The Hindu)

Published on Feb 5, 2022   Modified on Feb 6, 2022

-The Hindu It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don’t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a stable tax regime for the next decade. Excerpts: * How do you respond to rating agencies’ concern about the lack of new revenue ideas in the Budget? The only new tax we have is the crypto tax. I don’t know how much it will bring but the tax regime has been explained. We are hoping as the economy keeps recovering and GDP keeps growing, the revenues should come as the capex kicks in. We are also better placed now on both, direct and indirect taxes, in ensuring compliance and getting information on tax payers. This Budget introduces certain clauses — if a person has not filed his return even for one year and has a TDS (tax deducted at source) of 50,000 in a year, that TDS will double. If you get a perk from a company which claims it as business expense, it must be added to the recipient’s income. We have taken care of bonus, and dividend, stripping, tapped by high-income groups and corporates. So, we are looking at the lanes taxpayers are using and as we close that lane, he takes another. With all the information that we have, and are sharing with the taxpayer as we have no intention of giving him surprises or trouble him, our revenues should be fine. If you ask me what is the new tax, I don’t want to tinker with my tax every year. That itself is not good and is complained about. I can’t have my tax policy being dictated by rating agencies. Earlier, they said we are not giving money to people directly. I used to tell them, ‘You say I am worried about my fisc, [but] once my fisc goes, then you will say, ‘Fisc, Fisc, Fisc!’ Now, they are talking of borrowings and fiscal deficit. * India’s tax-to-GDP ratio has stagnated. Do we have a mid-term target and strategy to grow the tax base? We were at 9.88% in 2019-20, 10.11% in 2020-21. This year, I wouldn’t be surprised if it touches 11%. That’s significant. Tax-to-GDP cannot grow by 5% in a year. Compared with similar countries, this is not good and must improve, no doubt about it. Compliance is an issue… but now, we have a lot of information and are providing a facility to come within two years to pay your taxes. So, I think things should change in the next few years. The Income Tax department is thinking of where to track the expenditure that can be compared with incomes. Provisions like the TDS on luxury cars over 10 lakh, are to ensure that people know that we know. There are about four crore people in this country who don’t file returns, but we collect TDS on something from them. There’s this habit [of not filing returns]. It is much easier to give relief to people if the base is wide. When I look at the returns this year, this should improve this year... because we’ve also got more revenue from personal income tax. While the rich would have paid more, I presume the others also would have. Please click here to read more.  Image Courtesy: The Hindu

The Hindu, 5 February, 2022, https://www.thehindu.com/business/Economy/we-could-provide-relief-to-people-if-tax-base-was-wider-says-union-revenue-secretarytarun-bajaj/article38384515.ece?homepage=true

Tagged with: Crypto Tax Goods and Services Tax GST Tarun Bajaj Tax Base Tax Rate Tax Revenue Taxation

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