Shortfall in tax collection: penalty and 1 years of return filing period are the reasons?
CBDT raised alarms over shortfall in tax collections.
Field functionaries are working hard doe collection and recovery but still the shortfall is there .
CBDT is trying to ascertain the reason and interestingly 2 reasons that is emerging are as under:
1. Hefty penalty is discouraging taxpayers to come forward
2. Return filing period reduced to one year is not enabling few genuine taxpayers to come for tax payment.
Let us see what is next amendment !!
