Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: cpt
Direct Tax »
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards

Weak sentiment may restrict tax mopup to budget levels: MC Joshi, Chairman, CBDT
October, 13th 2011

The slowing economy seems to have cast its shadow on the Central Board of Direct Taxes' plan to surpass the budget target on tax collections . Confirming the fears, MC Joshi , chairman, CBDT, says exceeding the budget target may be difficult now. Excerpts from an interview with Deepshikha Sikarwar.

Do you think the slowing economy will hit direct tax collections?

Sentiment is weak globally. Usually, taxpayers delay payments in a downturn. But, we should be able to achieve the budgeted targets. However, it will be difficult to meet the 10% additional mopup target. We will pay particular attention towards collection of tax arrears. We will focus on 60-70 % of corporate taxpayers.

We will also put to use information received through Annual Information Returns (AIRs). The committee constituted to look into ways of improving arrear collections has submitted its report and we are examining its recommendations. The emphasis will also be on expeditiously disposing appeals and collecting the undisputed demand.

Is there a spurt in anti-evasion measures by the I-T department?

Searches and surveys are meant to create effective deterrence against tax evasion. When tax compliance levels are low, deterrent actions need to be stepped up. So far, there is no indication that the compliance level has declined. So far, we have maintained a growth of over 25% in gross tax collections. Our method of tracking tax evasion has changed as we have a vast pool of data on most taxpayers, which is being used to identify potential tax evasion cases.

Are search and surveys part of the strategy to tackle black money menace?

Tax evasion is certainly a cause for growth of black economy, but the other and more serious cause is generation of income and assets through illegal activities or illegitimate means. These activities are different from tax evasion and such money is laundered or round tripped or simply taken abroad. This variety of tax evasion has serious repercussions for economic and national security.

In order to tackle this menace, we have created a directorate of criminal investigation, or DCI, headed by a DG at Delhi and offices located at eight cities. This world-class organisation, modelled on the US IRS-CI , is mandated to perform functions in respect of criminal matters having financial implications punishable as offence under any direct tax law.

A committee is also looking into ways of strengthening the laws dealing with black money. We have also embarked on verification of high financial transactions. IT systems have been upgraded . In the last two years, we have detected over Rs 30,000 crore of tax evasion domestically.

Is there any plan to increase numbers of transactions under AIRs?

We are exploring if some (more) transactions can be brought under AIR.

Why is the department aggressive on cross-border deals, transfer pricing and information exchange?

We have revised our tax treaties and entered into new agreements at a blistering pace over the last two years so that exchange of information and tax cooperation increases. We completed negotiations on 22 new tax information exchange agreements. We have set up eight more I-T Overseas Units to help track cross-border deals. Flow of information has started but it is a continuous process.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions