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Tax Dept detects concealed income of Rs 19,938 cr in last 2 yrs

Tax Department detects concealed income of Rs 19,938 crore in last 2 years
CBDT move puts tax reforms in peril
Upgrade technology, raise trained manpower for tax department
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CBI likely to register cases against members of Income Tax Appellate Tribunal
April net direct tax receipts up 644% at Rs 14,812 cr


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Parliamentary panel may finalise Direct Tax Code report today

February, 10th 2012
The Standing Committee on Finance is likely to finalise its report on Direct Tax Code (DTC) on Friday. With this report, there is a possibility of some of the DTC provisions being accepted in the Budget for 2012-13 that is to be presented on March 16. These provisions may include increasing the income-tax slab to Rs 2 lakh from current Rs 1.8 lakh. The Budget may also include revised exemption list for tax benefits. It is known that the Direct Tax Code may not be implemented from April 1, 2012 but only from April 1, 2013.