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 :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 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

I-T dept issues notices for Rs 45k cr more tax
February, 26th 2007

The Income Tax department has issued notices to a large number of assesses to deposit an additional tax to the tune of more than Rs 45,000 crore during the current financial year based on the scrutiny of tax returns filed for the assessment year 2004-05.

"The department has raised demand for additional Rs 45,229 crore tax by December 31, 2006 from the assesses after the scrutiny of their returns and collecting other information," told sources in the Income Tax Department.

Out of this, Rs 4,754 crore has already been deposited by the tax payers, the sources said.

Most of the notices have been issued to corporates and High Net Worth Individuals (HNIs). The assesses have been given 35 days to deposit tax, otherwise they would be issued show-cause notices, followed by penal action such as attachment of bank accounts, attachment and sale of movable property to recover the tax, the sources said.

The department was confident of collecting Rs 10,000-12,000 crore in taxes by March 31 this year from these assesses, and the remaining amount could be later collected in instalments, they said.

However, they added some tax payers might challenge the department notices in tax tribunals and in courts as well.

In 2005-06, the Income Tax department recovered around Rs 24,000 crore after issuing notices for additional tax amounting to Rs 56,000 crore after the scrutiny of returns filed for 2003-04 assessment year, sources said.

A senior official of the Income Tax department said the time period for scrutiny of I-T returns has been advanced from March 31 to December 31 this year, leading to a marginal fall in demand for additional tax.

However, after the processing of all returns filed for 2004-05, the department may send more notices to the assesses for additional tax, he said.

The Central Board of Direct Taxes has assured the Finance Ministry it will cross the target of Rs 2,10,000 crore tax collections this fiscal by at least Rs 10,000 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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