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Centre targets adding 1.3 crore tax filers during current fiscal year

The Government intends to add 1.3 crore new income tax filers during the current fiscal, the Finance Ministry informed the Lok Sabha on Monday.
Minister of State for Finance Anurag Singh Thakur, in a written reply, said the new target is against 1.1 crore filers added during FY19. For achieving the new target, various measures are being taken including identification of potential non-filers through centralised Non-filer Monitoring System (NMS), formulation of region-specific strategies for identifying potential non-filers, issue of statutory notices to enforce compliance, holding of outreach programmes to encourage voluntary compliance, use of mass media for creating awareness, simplification in income-tax returns and filing process to encourage voluntary filing, etc. he said.
The Government is also examining recommendations of a committee for granting certain privileges to some categories of taxpayers. These could be giving access to lounges at domestic and international airports, invite for important government functions, among others. Such privileges will be given to those who pay taxes over certain threshold diligently and honestly.
The number of taxpayers for Assessment Year 2018-19 was 8.44 crore, which included persons who filed returns for the Assessment Year 2018-19 as well as persons who did not file returns but in whose case tax has been deducted at source during FY18.

Strategic disinvestment

To another question, the Government told the Lok Sabha that ‘in-principle’ approval has been given for strategic disinvestment in 23 Central Public Sector Enterprises (including subsidiaries, units and joint ventures). These include Air India, Pawan Hans, Bharat Earth Movers Ltd, ITDC, Scooters India and Hindustan Newsprints. During the last two years, strategic disinvestment of 5 CPSEs (HPCL, REC, NPCC, HSCC and DCIL) has been successfully completed. Profitability is not a criterion for strategic disinvestment.
The government said it should not be in the business to engage itself in manufacturing/producing goods and services in sectors where competitive markets have come of age, and economic potential of such entities may be better discovered in the hands of the strategic investors due to various factors, e.g. infusion of capital, technology up-gradation and efficient management practices. In addition, the Government would also be able to monetise its investment in CPSEs.
The government has set a target of ₹1.05 lakh crore from disinvestment during the current fiscal as against ₹85,000 crore and over ₹1 lakh crore achieved in 2018-19 and 2017-18 respectively.

Losses of PSBs

Meanwhile, Finance Minister Nirmala Sitharaman said that public sector banks posted operating profit of nearly ₹1.54 lakh crore during 2018-19 against ₹1.56 lakh crore during 2017-18. However, they made aggregate provision for NPAs (non performing assets) and other contingencies of ₹2.37 lakh crore during 2018-19 and ₹2.41 lakh crore during 2017-18. Consequently, aggregate net loss during 2018-19 was ₹80,084 crore as against ₹85,370 crore during 2017-18.

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