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: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: VAT Audit :: articles on VAT and GST in India :: TDS
« Direct Tax »
 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
 Sushil Chandra to be the next CBDT chief

Govt warns tax evaders to correctly pay dues or face action
December, 11th 2012

Cracking the whip on tax evaders, the government today asked all income tax assesses to disclose their true income or risk getting a notice from the tax department. The Finance Ministry warned taxpayers any concealment of income while filing tax returns would not go unnoticed as the tax department had collated information on spending as well as investment patterns of taxpayers. It had the taxpayers to file correct returns by December 15 when the third instalment of advance tax is due.

There is no advantage in suppressing the true income or avoiding paying income tax that is due because, sooner than later, the information available with the Income Tax Department will lead the department to the doors of such persons, Revenue Secretary Sumit Bose said in a strongly-worded statement today.

Struggling to meet its tax collection target, the Finance Ministry said only 1.4 million taxpayers disclosed income above Rs 10 lakh in 2012-13, but 1.6 million made credit card payments of over Rs 2 lakh during the year. Nearly 1.1 million bought or sold house property of over Rs 30 lakh, 3.3 million had cash deposits of over Rs 10 lakh in savings bank account. Besides, 5.2 million people acquired mutual funds of Rs 2 lakh or more, bonds or debentures of Rs 5 lakh or more, shares issued by a company of Rs 1 lakh or more, and bonds issued by RBI of Rs 5 lakh or more.
In Assessment Year 2012-13, only 1.4 million assesses, including salaried persons, hindu undivided families, professionals, firms, companies, transporters and retainers, have filed their returns disclosing a taxable income of over Rs 10 lakh. Any fair minded person will agree that this is a gross under-statement, Bose said.

As per the Finance Ministrys estimates, in 2011-12 there were about 30 million taxpayers with taxable income of up to Rs 10 lakh, whereas about 1.7 million taxpayers had income above Rs 10 lakh. Taxpayers with income of Rs 10-20 lakh comprised about 12.1% of the total tax collections, whereas those with income above Rs 20 lakh contributed 63% to total direct tax collections.

Bose said for assesses who have not yet paid the correct advance tax, there is an opportunity to rectify the mistake and pay the advance tax by December 15, 2012. It is the date on which the third instalment of advance tax for corporates and the second instalment for all other assesses is due.

Net direct tax collections as on November 15, 2012 stood at Rs 2.65 lakh crore, against the target of Rs 5.7 lakh crore this year. In 2011-12, the collections stood at Rs 4.94 lakh crore. The Finance Ministry has said that collections this year are expected to exceed the actual mop-up of last year.

In September, Finance Minister P Chidambaram had asked the tax department to go after low tax paying sectors which could add an additional Rs 30,000 crore to the revenue kitty.

The minister said even though the applicable tax rate for corporations was 30%, the effective tax rate was just 24% and even lower in some sectors. He said instead of randomly going after taxpayers most of whom duly pay their taxes, the department should focus on these below average sectors to see whether the average could be raised to collect more taxes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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