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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
From the Courts »
  Oriental Bank Of Commerce Vs. Additional Commissioner Of Income Tax
  Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
  Union of India vs. Pirthwi Singh (Supreme Court)
 Cromption Greaves Limited vs. CIT (ITAT Mumbai)
 Director Of Income Tax Vs. M/s. Modiluft Ltd.
 Director Of Income Tax Vs. M/s. Royal Airways Ltd.
 Lally Motors India (P.) Ltd vs. PCIT (ITAT Amritsar)
  Mehsana District Co-operative vs. DCIT (Gujarat High Court)
 Suresh M. Jamkhindikar vs. ACIT (Bombay High Court)
 Union of India vs. Pirthwi Singh (Supreme Court)
  In Re Hiten Ramanlal Mahimtura (ITAT Mumbai)

Income tax collection - Special measures for recovery of arrears
December, 08th 2006

The Ministry of Finance notified that the amount of income tax collected in the current financial year till 15 November 2006 amounted to Rs.98,298 crore. The amount of outstanding income tax in the current year till September 2006 amounted to Rs.8,033 crore. Apart from the statutory steps undertaken for recovery of outstanding tax dues as prescribed under the Income Tax Act, certain special measures were also undertaken to expedite recovery of direct tax arrears. These measures included: i) Monitoring of recovery of arrears in large cases by a Task Force; ii) Requesting Settlement Commission to dispose off high-demand cases expeditiously, etc.


                                           Recovery of Income Tax

Rajya Sabha

The collection of income tax in the current financial year till 15th November 2006 amounts to Rs.98,298 crore as against Rs.69,465 crore collected during the corresponding period of last financial year. Even recovery of outstanding income tax dues in the current year till September 2006 amounts to Rs.8,033 crore as compared to Rs.4,276 crore recovered during April-September 2005.

Apart from the statutory steps being taken for recovery of outstanding tax dues as prescribed under the Income Tax Act (including attachment of bank account, debtors, etc, attachment and sale of immovable property, etc) the following special measures are also being taken to expedite recovery of direct tax arrears:

i. Monitoring of recovery of arrears in large cases by a Task Force.

ii. Identification of cases involving substantial amount of arrears pending before Commissioners (Appeals) and ITAT and requesting these authorities to dispose off such appeals early so that the demand can be collected during the current financial year itself.

iii. Requesting the President of ITAT not to allow stay of demand beyond 180 days as prescribed in section 254(2A) of the Income-tax Act.

iv. Requesting Settlement Commission to dispose off high-demand cases expeditiously.

This information was given by Shri S.S. Planimanickam, Minister of State for Finance in reply to a question raised by Shri Krishan Lal Balmiki in Rajya Sabha today.

BSC/GC/GN-358/06

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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