IT department among top 3 revenue earners

The Income Tax Department now ranks among the top three “revenue-earners” of the central government and there is still a huge potential for growth, a top IT official has said.

Principal Chief Commissioner of Income Tax, (PRCCIT) Pune, Vinodanand Jha said in a statement released on Saturday that there was a huge possibility of tax revenue growth from the Panvel region.

Jha had inaugurated a new Aaykar Bhavan building in Panvel on Friday, which will significantly reduce the load on Thane, Mumbai and surrounding regions of the IT centres here.

Panvel has a large number of big and small industries, besides several mega projects coming up in the near future, of which tax practitioners and stakeholders can take full advantage.

Jha said that with the department accorded its preeminence in generating revenues, it underlines the government's confidence and the IT's role in nation building.

He said that there are many structural changes in the financial sector and called upon all taxpayers to pay their legitimate taxes, with a gentle warning that "Big Brother" was watching all transactions, including digital, net, or web-based apps.

Besides, various measures have been taken to ensure everybody pays their taxes, including the Benami Act in which the assets created by people abroad have also been taken care of.