In
India, Direct Taxes haves taken the front seat like any other developed
country and Indirect Taxes seem to have taken a back seat indicating a very
positive change for the country’s economy. No state can run without blood,
blood in the form of money which comes from tax revenue. Whatever surplus
comes from people, must come to the state and the state must use it in a
planed manner. Shri M.N. Verma, Chief Commissioner Income Tax, Rajasthan
expressed these views while addressing the management students of India
International Institute of Management and International College for Girls on
30 July, 2005. Enlightening the audience on “Tax Administration-Changing
Scenario”, Sh. Verma said that in addition to PAN, the tax department has made
it convenient for the tax payers to file income-tax returns Online. This not
only saves their time but also keeps away from the hassle of going to the IT
department to pay taxes, file returns and collect refunds. Talking about the
increased challenges before the IT department with globalization in India, Sh.
Verma said that the challenges have increased manifold with multinational
companies and e-commerce activities, wherein, they have to locate where the
actual profit is being generated and how much. Sh. Verma threw light on the
numerous ‘Help Centers’ created by them for small tax payers who are willing
to pay taxes but cannot hire professional help to be guided how to go about
it. He showed further hope in increasing the level of the skills and
information system of their department to meet the new challenges through
computerization and technological advancements. Sh.M.N. Verma stressed that
the new generation tax payers would find it much easier and convenient to pay
tax as compared to what their generation of tax payers experienced. The
scenario is changing, he said, and changing with a lot of positivity.
A Post Graduate in Economics from Delhi School of Economics and presently
doing Ph.D. from Los Angles, USA, Ms. Rubeena also answered the queries of the
management students. She talked about the comparative aspects of education and
economy in India and other countries like America, China and Australia.
Sharing her views on the Chinese Economy, she suspected negative signs in
terms of Money Exchange. She said that foreign investment in the retail sector
in India would definitely be very beneficial for country’s economy. Answering
the career related queries of the inquisitive students, Ms.Rubeena said that
unlike India, the education system in the USA is more focused on the
analytical education rather than theoretical education.
The Director of IIIM and ICG, Dr. Ashok Gupta, while welcoming the guests,
showed great hope that their guidance will go a long way in shaping the
careers of budding managers. He proposed a long-term collaboration with the
Income Tax Department by setting up a ‘Help Center’ in the IIS Institutional
Network so as to enable the students to understand the nitty-gritty of tax
administration.
Ms. Sneha Katta formally introduced the Chief Guest Sh. M.N. Verma and Ms.
Pratiti Rajpal proposed the vote of thanks.
On this occasion, Sh. M.N. Verma was also interviewed on FM Radio 7 Channel
wherein he shared invaluable information about tax administration. The
programme will be broadcast on 90.4 MHz - FM Radio 7 at 5.00 pm on Monday, 1
August, 2005.
In
India, Direct Taxes haves taken the front seat like any other developed
country and Indirect Taxes seem to have taken a back seat indicating a very
positive change for the country’s economy. No state can run without blood,
blood in the form of money which comes from tax revenue. Whatever surplus
comes from people, must come to the state and the state must use it in a
planed manner. Shri M.N. Verma, Chief Commissioner Income Tax, Rajasthan
expressed these views while addressing the management students of India
International Institute of Management and International College for Girls on
30 July, 2005. Enlightening the audience on “Tax Administration-Changing
Scenario”, Sh. Verma said that in addition to PAN, the tax department has made
it convenient for the tax payers to file income-tax returns Online. This not
only saves their time but also keeps away from the hassle of going to the IT
department to pay taxes, file returns and collect refunds. Talking about the
increased challenges before the IT department with globalization in India, Sh.
Verma said that the challenges have increased manifold with multinational
companies and e-commerce activities, wherein, they have to locate where the
actual profit is being generated and how much. Sh. Verma threw light on the
numerous ‘Help Centers’ created by them for small tax payers who are willing
to pay taxes but cannot hire professional help to be guided how to go about
it. He showed further hope in increasing the level of the skills and
information system of their department to meet the new challenges through
computerization and technological advancements. Sh.M.N. Verma stressed that
the new generation tax payers would find it much easier and convenient to pay
tax as compared to what their generation of tax payers experienced. The
scenario is changing, he said, and changing with a lot of positivity.