Skip to main content

Revenue officers seek autonomy for CBDT

By
Indian Revenue Service (IRS) officers have conveyed their concerns to Finance Minister Arun Jaitley over ‘interference’ by the Department of Revenue (DoR) and asked him to ensure the Central Board of Direct Taxes ( CBDT) administer tax policies of the government.
“The FM may kindly ensure that the CBDT, whose powers and functions emanate from Central Board of Revenue Act, 1963 and Income Tax Act, 1961, be allowed to administer Direct Tax policies of the government, strictly according to the said Acts," said a press release issued by the delegation of IRS Association on Sunday.
The association also raised the issue of disparity in impanelment and asked the FM to ensure parity of IRS with IAS.
“Impanelment at joint secretary level and above should be expedited and there should be parity with IAS," the release said.
The case pertains to the action taken by DoR against aMumbai assessment officer for allegedly using unfair means to meet revenue collection target.
The IRS Association had passed a resolution against the revenue department for interfering in taxmen’s daytoday operations. In a letter dated July 22 to the finance ministry, the IRS Association had said, “Unfair and whimsical actions by DoR are affecting the morale of the service, especially in matters of targeted transfers and posting as a tool of punishment and harassment at various levels.” Sunday’s statement comes two days after the finance ministry had warned of disciplinary action to some tax officials for going against the directives issued by the revenue department.
After the finance minister’s strongly- worded statement, the revenue officers are said to have met Jaitley on Saturday.
“The delegation conveyed the deep sense of ‘ deprivation and injustice’ among IRS officers leading to severe discontent and demoralisation,” said release.
The IRS Association also highlighted the operational difficulties of IRS officers including the role and authority of CBDT.
“CBDT is a statutory body like the Railway Board and it should be given its importance,” said Jayant Mishra, general secretary of the Association, who is also asenior IRS officer.
Business Standard New Delhi, 01 August 2016

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more