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 :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: empanelment :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4%
 
 
« News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

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