There will be major conceptual changes in the Direct Tax Code

SSN Moorthy,a 1973 batch Indian Revenue Services officer,joined as the chairman of the tax administration authority,Central Board of Direct Taxes,last year.

SSN Moorthy,a 1973 batch Indian Revenue Services officer,joined as the chairman of the tax administration authority,Central Board of Direct Taxes,last year. Unlike the previous few chairmen who had short stints at CBDT,the Kerala-born Moorthy got a tenure of two years. Prior to this,he has been a member of the audit and judicial sections in the board. He has also served as the director general,investigation,in the I-T department. In an interview with Shruti Srivastava,Moorthy spoke on a wide range of issues. Excerpts:

What is the tax collection figure for the fiscal? Would we be able to meet the revised target of Rs 3.87 lakh crore for 2009-10 now that we also have the advance tax figures?

We are making all attempts. We hope to meet the revised target. It is Rs 3.87 lakh crore. Let us hope we can. We are trying. We have collected over Rs 3.58 lakh crore till now. Seeing the advance tax figures we are positive of meeting the target.

In the Budget,there was an announcement on Saral forms. The department has been coming out with them for the last 3-4 years. How different would they be compared to previous ones? When is it expected?

This time we will have a Saral form having just two pages,be it income from salary,house property,etc. We expect it to come after the budget,around June,once the finance bill is passed.

As regards the renegotiation of tax treaties,what is the progress with Switzerland and Mauritius?

Negotiations are going on,areas are being narrowed down. There are a few areas where there are issues. So hopefully,in the near future we will be able to see it.. we cant say how many more rounds will take place. The areas have been narrowed down,discussions are on. Those countries which have not responded,we will persuade them.

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What are the differences between the Swiss authorities and India ?

No there are no differences,we are just fine-tuning it. We have only two areas for discussion one is exchange of information and the other is transparency. We are fine-tuning that.

When would we start renegotiations with Mauritius ?

I cant comment on that.

A Parliamentary Standing Committee last year raised the issue of black money in the country and asked the department to focus on that. What is the department doing?

We have not firmed up our ideas but we would set up a new agency for this. It is all at a very fundamental stage.

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Will you set up another agency or will you start the work with the existing ones like ED?

We will perhaps go for a new agency which would be more broad-based. As regard the modalities,they are still to be worked out.

When are we going to see the re-drafted version of the Direct Tax Code?

I think in around a couple of months time we should have a draft on the DTC ready. The FMs idea is to present the DTC in the Parliament in the break of the Monsoon session.

Will the DTC actually help in making things simpler?

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It will be a very workable document. Well address the issues that have been raised. There will be some major conceptual and structural changes in its proposals.