Fetch Rs 1,000 crore so far this fiscal

The Central Board of Direct Taxes is likely to intensify surveys of taxpayers in January, February and March this year to catch evaders and earn extra revenue. In the current fiscal so far, the revenue department has unearthed Rs 1,000 crore through surveys.

A CBDT spokesperson said the department had also raised a demand of Rs 60,000 crore from assesses after the scrutiny of around 2% of I-T returns filed during assessment year 2004-05.
 
“The income tax department is confident of collecting at least Rs 30,000 crore in additional tax after the scrutiny of returns and subsequent demand notices issued to assesees,” he said.

The department had recovered around Rs 24,000 crore last fiscal against an additional demand of Rs 56,000 crore raised after scrutinising returns filed for 2003-04 assessment year.

So far, the department has collected around Rs 1,50,000 crore in direct taxes, including corporate tax and individual personal tax. against a target of Rs 2,10,000 crore for 2006-07.

Taxman Cometh
• Rs 60,000 crore demand raised after scrutiny of 2% of returns filed in assessment year 2004-05
• Dept is confident of collecting Rs 30,000 crore after scrutiny and subsequent demand notices
• To boost tax collection, assessing officers are likely to go all-out conducting surveys
 
“To boost tax collection, assessing officers are likely to go all-out conducting surveys,” the spokesperson said. The highest amount surrendered in a single survey so far was Rs 25 crore, finance ministry sources said.

Surveys form an integral part of assessment and are conducted by the tax department’s investment wing as well as assessing officers when returns filed by individuals and companies are lower when compared with their profits. These are conducted only on business premises and are different from income tax raids.