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 :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements

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