Page 11 - Banking Finance June 2022

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93.7% rise in new manu- charge as the President of Confedera- about tax evasion is available from any
tion of Indian Industry (CII) for 2022- other authority. The guidelines for se-
facturing projects
23. lection for complete scrutiny have also
New project announcements in the added an additional limb of obtaining
Sanjiv has previously engaged with CII
manufacturing sector have improved prior administrative approval of the
at the state, regional and national
significantly to Rs 6.2 lakh crore in Principal Commissioner/ Principal Di-
level. He was the President-Designate
FY22, a rise of 93.75 percent, as rector/ Commissioner / Director in cer-
for 2021-22 and the Chairman of the
against Rs 3.2 lakh crore in FY20, a tain cases, for selection of such cases
Western region during 2019-20.
Bank of Baroda (BoB) study has said. for complete scrutiny.
He has also led CII National Commit-
This was led by improvement in ma- For instance, cases pertaining to sur-
tees on Insurance and Pensions and CII
chinery, chemicals and textiles. "Ser- vey, search and seizure and cases
taskforce on Fintech.
vices and the construction sector still where charitable trusts have claimed
Bajaj is an alumnus of the Harvard
seem to be lagging from losses suffered exemption without a valid approval
Business School, USA and a Member of
during multiple waves of Covid-19 pan- have been made subject to prior ap-
the Board of Indian School of Business
demic, with new project announce- proval before transmission to the Na-
ments running below their pre-pan- (ISB), Member of the International tional Faceless Assessment Centre
Advisory Board (IAB), Allianz SE and
demic levels," the study said. (NaFAC) for serving necessary scrutiny
the International Technology Advisory notices.
Sonal Badhan, economist, BoB said, "In
Panel (ITAP) of Monetary Authority of
FY20, new projects announced in the Under complete scrutiny, a detailed
Singapore (MAS) and Regional Stew-
manufacturing sector had fallen to scrutiny of the return of income is car-
ardship Board for India and South Asia
17.8%, but rose sharply to 38.3% in ried out by tax officers to confirm the
2019-2020 of the World Economic Fo-
FY21 and rose further to 43.5% in FY22. genuineness of various claims, deduc-
rum.
FY22 print is the highest since FY05. This tions, etc made by the taxpayer.
could be the case as the manufactur- The objective of this is to confirm that
Scrutiny of all tax cases
ing sector was less hit by subsequent
the taxpayer has not understated the
waves of Covid-19, compared with ser- where enforcement agen- income, computed excessive loss or
vices sector." underpaid the tax in any manner.
cies give info
The income tax department has issued Maruti plans new unit at
Sanjiv Bajaj takes over as
guidelines for selection of I-T returns
CII President for complete scrutiny in the current Sonipat, to invest Rs.
Sanjiv Bajaj, Chairman and Managing fiscal and said such scrutiny would be 11000 crore
Director for Bajaj Finserv Limited, took applicable in cases where information Maruti Suzuki will spend Rs 11,000
BANKING FINANCE | JUNE | 2022 | 11