Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: VAT Audit :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

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 2017 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