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: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: due date for vat payment
 
 
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

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