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: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: cpt :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: form 3cd
 
 
« News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

Better tax recovery could have reduced govt's debt
March, 05th 2007

The governments estimated borrowings for the next fiscal at more than Rs 1,00,000 crore could have been reduced further had it been able to recover tax arrears of a similar amount entangled in legal cases.

In the Budget 2007-08, finance minister P Chidambaram has said the government will go for less borrowings next fiscal at Rs 1,09,579 crore against Rs 1,13,778 crore this fiscal. However, this burden could have been eased if the government was able to expedite the more than 27,000 cases going on in various courts across the country.

As on December 31, 2006, the number of cases pending with debt recovery tribunals is 27,250. The amount involved is Rs 1,00,461 crore, minister of state for finance PK Bansal told the Lok Sabha recently.

Officials say in the absence of political will and limitations in the legal process, its not easy to recover the tax arrears pending for the past many decades. The government has to recover tax arrears of around Rs 30,000 crore from companies and persons involved in security scam in early 90s, officials said. There is little chance of recovery in most of these cases as there are not many assets to recover the arrears, they claimed.

But in many cases, corporates have preferred to contest cases in tribunals and courts even to save interests on taxes. The amount stuck as tax arrears is also equal to the additional tax the government hopes to raise next year. Besides, its equivalent to the increase in the governments expenditure during 2007-08.

The government expects to get Rs 5,48,122 crore from taxes in 2007-08, 23.9% higher over Rs 4,42,153 crore this fiscal, while the total expenditure is proposed to be increased by nearly Rs 1,00,000 crore to Rs 6,80,521 crore.

Over the past three years, the government has recovered over Rs 20,000 crore tax arrears, besides tighening the tax recovery system.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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