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: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: TDS :: Central Excise rule to resale the machines to a new company
« News Headlines »
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

Government asks officials to meet income tax collection target
February, 12th 2015

Taxmen are being told to walk a fine line they are not exactly accustomed to. After directing them to follow a non-adversarial regime, tax officials in various commissionerates in the country are being nudged to meet the income tax collection target.

Unlike a formal communique, as was done earlier, aimed at minimising tax terrorism and harassment, this time the message is being conveyed over phone calls and meetings. "Now, we are being told to meet the target. It won't be easy. One doesn't really get the point. There's always some degree of harshness in tax collection. It's unavoidable," said a senior officer in the income tax department.

Also, three weeks ago, tax offices received verbal instruction to hold back tax refunds till March 31. Of the total income tax target of more than Rs 7.35 lakh crore, the government expected to raise Rs 2.84 lakh crore as personal income tax and Rs 4.51 lakh crore as corporate income tax - an increase of 17.6% and 14.6% over the respective revised estimate numbers for FY14. But actual collections between April and December have risen by 8% and 7% to Rs 1.66 lakh crore and Rs 2.77 lakh crore for personal income and corporate tax, respectively.

"We expect a shortfall of Rs 40,000 crore or even more..," said another official with the tax office. Chances are that in meeting this target, assessing officers would be forced to raise more tax demands, conduct surveys and verifications.

"There are cases where we may not wait till the appellate authority gives it decision-...Most circles had slowed down the collection effort after November notification," said the person. On November 7, the Central Board of Direct Taxes, the apex body under the ministry of finance, had instructed the department that in a constant endeavour "towards a non-adversarial tax regime", supervisory officer should play "a more pro-active role in monitoring and guiding assessments towards ensuring that highpitched assessments without proper basis are not made and that lengthy questionnaires or summons without due application of mind are avoided." After this, many officers had chosen to stay away from the field, said an officer.

The present government's intention is to end the so-called "tax terrorism" arising out of tax demands and scrutiny notices of the past few financial years, but the directives from the top could well have slowed down the tax machinery that is used to functioning in a particular way. While it's unclear as to what extent tax officers would have to step out and go back to their old customary ways in raising tax, it's certain that they will have to work a little extra to make up for the lost time. "Collection typically picks up in the last quarter. However, there will be some pressure on the I-T department, thanks to poor indirect tax collection," said the person. Between April and December 2014, personal income tax grew at 20% and corporate income tax at 10% — as against 8% and 7% this financial year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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