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: TDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Govt may have to write off Rs 85,000cr tax arrears
January, 05th 2007

The government may have to write off a whopping Rs 85,000 crore tax arrears out of the total arrears accumulated over the past years as these have been found "non-recoverable" by the Income Tax department.

Out of the outstanding Rs 1,19,000 crore tax arrears up to 2003-04, about Rs 85,000 crore is "non-recoverable". This includes Rs 28,400 crore outstanding against the Harshad Mehta group of companies, banks and stock brokers involved in the 1992 Securities Scam, sources in the Finance Ministry said.

The department, which has so far recovered about Rs 10,000 crore arrears against the target of Rs 11,000 crore for 2006-07, has expressed helplessness in recovering the "non-recoverable" tax arrears.

"About Rs 85,000 crore arrears are outstanding only on paper, and are mounting every year due to interest addition," a senior Income Tax official said.

The "non-recoverable" dues also include about Rs 12,000 crore against companies and assesses whose assets have reduced due to closure of the units or fall in stocks. In many cases, the companies have vanished from the market or funds have already been transferred elsewhere before the recovery of tax arrears, the sources said.

In the Harshad Mehta case, the custodian appointed by the Supreme Court is in possession of Rs 1,700 crore, which could be distributed only among various stakeholders after the decision of the case, sources said.

The department has also expressed doubts about recovery of tax arrears from companies and persons involved in various scams like the Telgi scam and the fodder scam in Bihar.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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