India 2018

Finance 247
Central Board d of Direct ect Taxes
Direct Taxes
The Central Board of Direct Taxes (CBDT), created by the Central Boards of
Revenue Act 1963, is the apex body entrusted with the responsibility of
administering direct tax laws in India. It is the cadre controlling authority for
the Income Tax Department (ITD). With modern information technology as a
key driver, the CBDT has implemented a comprehensive computerization
programme in the Income Tax Department. The programme is aimed to establish
a taxpayer friendly regime, increase the tax-base, improve supervision and
generate more revenue for the Government. The endeavour is to promote
voluntary compliance by taxpayers and create a non-intrusive and nonadversarial
tax administration.
Revenue collection
Revenue collection from direct taxes has been growing consistently. As a result
of improved tax administration and better tax compliance, direct tax collection
has been showing a positive trend over a period of time.An amount of ` 8,49,818
crore (Provisional) was collected during FY 2016-17 at a growth rate of around
14.54 per cent over previous year's collection of ` 7,41,945 crore. During the
current financial year 2017-18, up to September, 2017, the net collection of direct
taxes was ` 3,86,274 crore as against ` 3,33,686 crore collected in the previous
year. The number of taxpayers has increased significantly over the last five
years from 4.72 crore for Assessment Year 2012-13 to 6.43 crore (provisional) for
Assessment Year 2016-17.
e- Governance Initiatives
(a) Permanent Account Number (PAN)
PAN is a 10 digit alpha-numeric number allotted by the Income Tax Department
to taxpayers and to the persons who apply for it under the Income Tax Act,
1961. PAN enables the department to link all transactions of the "person" with
the department. The transactions linked through PAN include tax payments,
TDS/TCS credits, returns of income/wealth, specified transactions,
correspondence, and so on. PAN, thus, acts as an identifier for the "person"
with the Income tax department.
(b) Common Business Identification Number (CBIN or BIN)
PAN has now taken on the role of "identifier" beyond the Income tax department
as it is now required for various activities like opening of bank account, opening
of demat accounts, obtaining registration for Service Tax, Sales Tax / VAT, Excise
registration etc. PAN is leveraged to become Common Business Identification
Number (CBIN) or simply Business Identification Number (BIN) for providing
registration to a number of government departments and services.