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: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

Rs 1.33 lakh crore tax non-recoverable: Finance Ministry to Parliamentary panel
December, 03rd 2012

A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.

The Parliamentary Standing Committee on Finance has expressed surprise that out of a total demand of Rs 2,48,927 crore as direct tax arrear, Rs 1,33,665 crore is not "realisable".

It said a tax demand of Rs 61,846 crore falls under the category of "difficult to recover", leaving a balance of mere Rs 7,348 crore as collectible arrears.

"The Committee are alarmed at such a huge amount of tax due to government, which cannot be collected at all. The Department of Revenue thus owes an explanation to the Committee as to how such an irretrievable situation arose," the panel has said in its draft report.

The Department of Revenue told the Committee that recovery of tax arrears from Pune businessman Hassan Ali Khan, an accused in cases of money laundering, is not possible despite attaching his known movable and immovable assets.

It said as per the existing guidelines, recovery through sale of attached properties can be made only after the decision of appeal filed before the Income Tax Appellate Tribunal.

"Further, the attached assets are inadequate to recover the entire dues," it said.

In cases related to the security scam also, the recovery is not possible as it pertains to persons notified under the Special Court (TORT Act, 1992), and no recovery can be made directly from these persons, the department said.

It said out of the total arrear of Rs 2,48,927 crore, Rs 1,30,500 crore pertained to money laundering and securities scam cases.

On the issue of Hassan Ali and Securities Scam issue, The Department of Revenue had made a similar presentation before Public Accounts Committee (PAC) recently. PTI NAB MNS SPC RCJ 12022121 NNNN

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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