Union Finance Minister releases ‘My Stamp’ on the occasion of 165th Income Tax Day

Increase in tax collections indicates India is getting more formalised as an economy: Union Finance Minister Smt. Nirmala Sitharaman

Shri Chaudhary lauds CBDT’s efforts to make compliance easy for taxpayers by introducing faceless regime, e-verification, and seamless e-filing

CBDT’s focus on use of technology comparable with global practices to improve taxpayer services: Revenue Secretary

Over the years, CBDT’s focus is on enhancing taxpayer services and leveraging technology to ease compliances: CBDT Chairman

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman presided over the 165th anniversary of Income Tax Day observed by Central Board of Direct Taxes (CBDT), in New Delhi. Union Minister of State for Finance Shri Pankaj Chaudhary also graced the event with his presence. Shri Sanjay Malhotra, Secretary, Revenue; Shri Ravi Agrawal, Chairman, CBDT; Members of CBDT and other officers and officials of the Department were present on the occasion. The function was graced by Senior Officers in Government of India.

Union Finance Minister also released “My Stamp” on the occasion of 165th Income Tax Day. 

In her keynote address, Smt. Nirmala Sitharaman complimented the versatility of the officers and officials of the Income Tax Department. 

The Union Finance Minister commended the Department for achieving the highest ever tax collection; as also the success of the faceless assessment and appeals regime. 

Smt. Sitharaman exhorted the Department to be fair and friendly and ensure that there is improved taxpayer experience. The tax notices should be temperate, simple and easy to understand for the taxpayer, she said.

The Union Finance Minister underlined judicious use of power to ensure compliance, not create fear among the taxpayers and laid emphasis on speedy issue of refunds and following of due process to encourage voluntary compliance. At the same time, Smt. Sitharaman emphasised upon capacity building especially in terms of adopting global best practices in tax administration.

 

Underlining the growing trust of taxpayers towards the Department, the Union Finance Minister further expressed her heartfelt gratitude to the honest taxpayers for their contribution in delivering on welfare & development, appreciating the fact that there were 58.57 lakh first-time ITR filers for AY 2024-25. It showcased that India was getting more formalized as an economy and more people are coming forward to voluntarily pay taxes, She said.

In his address on the occasion, Union Minister of State for Finance Shri Pankaj Chaudhary lauded exhorted the Officers and Officials of the Department to align their goals to achieve the vision of the Prime Minister of a Viksit Bharat by 2047.

Shri Chaudhary appreciated the important role and contribution of the taxpayers in the development of the nation. While commending the efforts of the Department for working tirelessly to ensure a fair and transparent tax administration and in garnering of revenue for the Government, the Minister of State also emphasised on how the Government is utilising the revenue so garnered in the development of the nation in various areas such as housing for the poor, education, health and Infrastructure. 

Shri Chaudhary lauded the Department’s efforts to make compliance easy for the taxpayers by introducing the faceless regime, e-verification, seamless e-filing etc. The Minister of State observed that the introduction of technology-driven initiatives have simplified and streamlined tax procedures and made them more taxpayer-friendly and asked the Department to focus on widening of tax base which is the need of the hour.

In his address, Secretary Revenue, Shri Sanjay Malhotra, while extending best wishes to the officers and officials of the Department, appreciated the Department for robust tax collection, increase in tax base and ease of compliance. Shri Malhotra commended the Department’s focus on use of technology comparable with global practices to improve taxpayer services. 

The Revenue Secretary complimented the Department in making huge strides since the inception of Income Tax in India and highlighted how the revenue had grown from merely Rs. 30 lakh to Rs. 20 lakh crore, doubling of tax base and growth in tax to GDP ratio. He also appreciated the new initiatives such as rationalisation of corporate tax and the new tax regime introduced by the Department and exhorted the Department to renew its commitment to integrity, diligence and service. 

Earlier, in his inaugural address, Shri Ravi Agrawal, Chairman, CBDT welcomed the dignitaries on behalf of the Income Tax Department. Observing that over the years the focus of the Department has been on enhancing taxpayer services and leveraging technology to ease compliances, Shri Agrawal gave an overview of some of the remarkable achievements in the last fiscal, including a growth of 17.7% achieved in net collections and an increase of 7.5% in the number of ITRs filed over the previous year (till 31st July,2024). 

Shri Agarwal further mentioned that 72% of the returns were filed under the New Tax Regime, highlighting its widespread acceptance — first time filers at 58.57 lakh returns were a fair indication of widening of tax base. 

Shri Agrawal highlighted achievements in the area of Advance Pricing Agreements wherein record number of 125 APAs were signed in the last fiscal and also mentioned that the 10th Income Tax Overseas Unit has been operationalised in Abu Dhabi, UAE demonstrating the commitment of the Department to extend its global reach. The CBDT Chairman further underlined the Department’s focus on upgradation of technology citing approvals of new versions of CPC-TDS, ITBA and TAXNET projects, while underscoring the importance of review of the Income-tax Act, 1961. 

Shri Agrawal reiterated the Department’s commitment to welfare of personnel, HR issues and infrastructure development while outlining the  PRUDENT (P: Professionalism & Probity, R: Responsibility & Responsiveness in administration, U: Understanding laws, business & economy, D: Data-based decision making, E: Enforcement with empathy, N: Non-intrusive tax administration, T: Encourage Technology, Taxpayer Services & Transparency) approach to be adopted by the Department in its functioning.

The event also had experience sharing by officers and officials of the Department from across the country. CBDT Certificates of meritorious service and excellence as well as certificates of excellence in creative pursuits/ sports were also conferred. The winners of the all-India slogan writing competition were also felicitated. A film on the technological initiatives of the Department through the ages, was also showcased.

In his vote of thanks, Shri H.B.S Gill, Member, CBDT, thanked the Union Finance Minister for gracing the occasion and inspiring with her words of wisdom. He also thanked the Union Minister of State for Finance for his words of encouragement and all the other dignitaries present on the occasion.

Tax Administration Modernization: digital, non intrusive processes aimed at simplifying compliance and widening the tax base. The Department of Income Tax emphasises modernising tax administration via digital initiatives-faceless assessment, e verification, seamless e filing and system upgrades-to simplify compliance, improve taxpayer experience and promote voluntary compliance; it stresses judicious, non fearful enforcement, speedy refunds, clear communication, capacity building for global best practices, and a governance ethos of data driven decision making, enforcement with empathy, non intrusive administration, and technology led transparency to widen the tax base and enhance revenue mobilisation.