The Hon’ble Minister of Finance Shri Arun Jaitley, announced some concessions for the mutual fund industry and the Income Tax payers while declaring that this Government is not a high tax government rather we will move into he phase of low tax regime thereby flourishing Industrial growth and creating more and more employment opportunities.
Jaitley, further added that those taxpayers who fall late in filing their tax returns and end up paying hefty penalties calculated on the daily basis, Central Board of Direct taxes will be empowered to exercise their discretion and shall be given space to facilitate the process of tax collection.
Minister commented that for late filing of returns there is a provision which has become onerous as a huge penalty and there are no powers of waiver itself leading to an ” extremely exorbitant” penalty. ” So, some discretion is given to the CBDT with regard to that penalty where cases of late filing of returns were involved.
Above all, further reiteration was made in order to spot the hope amongst the nation that this government is strictly against high taxes as a high tax government would never encourage and boom Industrial growth, activity in India.