follow us on
reach us on app store
News18 » Videos » News18 Shorts

Will reach the tax target for FY13: Chidambaram

Sep 03, 2012 02:00 PM IST Business Business

New Delhi: Finance Minister P Chidambaram has a piece of advice for everyone. Holding a press conference in Delhi, the Finance Minister said that there was no need for anyone to fear tax collection.

"Nobody needs to fear tax collection. If a case is thrown up for scrutiny, it does not mean unpaid taxes. It is a random way of checking tax returns based on risk assessment. People should not fear scrutiny," he said during the media briefing where the minutes of the meeting he held with Income Tax Department officials on Monday were discussed. He added that the country would reach the tax target for FY13.

The meeting also agreed to fix the average effective tax rate for corporates at 24 per cent. Chidambaram said that the government was trying to increase the effective tax paid by companies.

"I appeal to all the people of India to pay their taxes before September 15 and feel proud," he added while saying that India was not a highly-taxed country.