CCIT conference today – FM to inaugurate
The Finance Minister Chidambaram is to inaugurate the 24th Annual Conference of Chief Commissioners & Directors General of Income Tax in Delhi today. The valedictory address will be given by Minister of State for Finance S.S. Palanimanickam. The Conference will discuss speeding up processing of tax returns, augmenting revenue collection, improving selection and quality of tax scrutiny, managing switchover to single national database, creation of knowledge bank and database of best practices, implementation of the Business Process Reengineering (BPR) report, and improving investigation techniques and oversight mechanism within the department.
Direct tax collections at Rs.3,14,468 crore surpassed indirect taxes for the first time by about Rs.34,000 crore in the fiscal 2007-08. Higher direct tax collections have helped the government reduce fiscal deficit, meet the FRBM targets, and increase public investment in the social sectors. In view of the responsibility of being the primary contributor to the exchequer of the Government of India, the Income Tax department will discuss various issues relating to further improving direct tax administration during the Annual conference of Chief Commissioners and Directors General of Income Tax.