Income Tax dept asked to collect Rs 1150 cr in unpaid taxes in a week
February, 14th 2011
Racing to maximise its revenue before the end of this fiscal, the government has asked all Chief Commissioners of Income Tax in the country to ensure collection of over Rs 1150 crore of unpaid taxes in a week's time.
The orders to ensure collection of taxes under the self- assessment tax (SAT) category have been issued by the Finance Ministry on February 12 as an urgent and immediate measure to meet the budgetary target of Rs 4.50 lakh crore of direct taxes for this financial year.
The Central Board of Direct Taxes (CBDT) has found that almost Rs 1157 crore of taxes under the category of self- assessment tax is pending in various ranges of the country including large income regions like Mumbai, Kolkata and Delhi.
Under the SAT, the assessee is required to make a self- assessment and pay the tax on the basis of the returns furnished. Any tax paid by the taxpayer under this category is deemed to have been paid towards regular assessment.
The direct taxes kitty has swelled to Rs 3.17 lakh crore in January last, against the revised budgetary target of Rs 4.50 lakh crore. It is to be finalised by March 31.
The highest unpaid SAT is in Mumbai (Rs 317 crore), Kolkata (Rs 165 crore), Bangalore (Rs 125 crore) and Pune (Rs 96 crore).
Worried over the under-collection of this amount, CBDT Chairman Sudhir Chandra has issued instructions to 14 Chief Commissioners of Income Tax to ensure the collection by February 20.
"The CBDT Chairman is personally monitoring the collections of SAT," a senior Finance Ministry official said.
The other regions which have outstanding SAT are Hyderabad (Rs 89 crore), Chennai (Rs 88 crore), Delhi (Rs 88 crore), Rohtak (Rs 32 crore), Bhopal (Rs 32 crore), Coimbatore (Rs 17 crore), Patiala (Rs 12 crore), Nagpur (Rs 10 crore), Bhubaneshwar (Rs 16 crore), Ahmedabad (Rs 14.5 crore).
Direct taxes mainly include corporate tax, income tax and wealth tax.