CBDT warns against non declaration of income

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New Delhi:

CBDT Chairperson Anita Kapur has warned of action against attempt to avoid taxes saying the era is over.

Action would be taken against those who try to organize businesses with a view to minimise liability, she said addressing CII’s global tax summit.

She said that for companies with low profits, average tax rate is higher under the current regime of exemptions, whereas bigger companies get the advantage of exemptions.

Kapur said companies have to pay the government where actually a business has taken place.

Tax is in the board rooms. Tax is no longer in the offices of the CFOs, because your brand will suffer if you get a stigma of being a tax avoider, Kapur said.

She said the tax rates for corporates would be brought down and exemptions would be phased out gradually.

 

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