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
« News Headlines »
 How to file income tax returns online if you don't have Form 16 ITR 2018-19
 These 5 websites can help you file your ITR Income tax e-filing
 Here's why some retirees no longer have to file a tax return
 How to file different categories of ITR forms online Income tax e-filing
 Here are other documents you need to file online ITR Got your Form-16 for FY18?
 10 must have documents to file your tax return
 Know all about how to file ITR FY 2017-18
 Government extends sale of pre-GST goods with stickers of revised price till July 31
 All 7 ITR forms for assessment year 2018-19 activated for e-filing: Income Tax Department
 Check if new salary structure is income tax efficient
 GST refund drive extended till June 16

I-T raises demand for Rs 60,000 cr additional tax
January, 02nd 2007
After the scrutiny of around 2 per cent income-tax returns filed during assessment year 2004-05, the Income-Tax department has raised a demand of Rs 60,000 crore additional tax. 
 
The department is confident of collecting at least Rs 30,000 crore additional tax after the scrutiny of returns and subsequent demand notices issued to the assesees, sources in the finance ministry said. 
 
The department had recovered around Rs 24,000 crore last year against the additional demand of Rs 56,000 crore raised after the scrutiny of returns filed for the 2003-04 assessment year. 
 
So far the department has collected around Rs 1,50,000 crore as direct taxes, including corporation and individual personal taxes as against the target of Rs 2,10,000 crore for 2006-07. 
 
In spite of shortage of around 20,000 personnel in the department, we are going to raise the heat against the tax-evaders through surveys, demand notices and other measures, without harassing the honest tax payers, Central Board of Direct Taxes (CBDT) spokesperson AK Sinha said. 
 
He said with the availability of additional vehicles for surveys, the department collected over Rs 350 crore additional taxes during June-December 2006. 
 
Going by our conservative estimate, we expect to collect at least Rs 10,000 crore additional revenue than the estimates by the end of the current fiscal, he said. 
 
The investigation wing of the department had recently collected over Rs 250 crore from builders in the NCR region. 
 
The department is also processing information collected through Annual Information Returns (AIRs) from banks, credit card companies, mutual fund houses and property registrars. Presently, India has the lowest cost of tax collections in the world. 
 
If the government decides to increase the cost of tax collection from the present level of around 0.62 per cent of total revenue to 0.70 per cent, the tax evasion could be drastically curbed across the country, Sinha said. 
 
Although the department is under the process of recruiting around 7000 personnel by June this year, it would still face severe shortage of manpower for scrutiny, survey, search and other operations, he said.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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