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: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: articles on VAT and GST in India :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
« News Headlines »
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 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

Self-assessees refuse to let go of 1k-cr taxes
March, 05th 2009

The Mumbai income tax department has detected that self assessment tax worth Rs 1,000 crore has not been paid since September 2008.

Self assessment tax is the amount payable by the taxpayers own admission in the return filed by him. Despite this information, many taxpayers have not paid the tax till now. Self assessment return is filed by the tax payer if he expects his tax outgo to be more than the advance tax paid by him.

The self assessment tax payable by individuals and companies this fiscal year is estimated at Rs 1,400 crore. Out of this, the department has received only Rs 400 crore so far. The departments software system detected the discrepancy in the amount reported in the returns and the tax actually paid.

I-T department chief commissioner (Mumbai) PC Chottaray said: We know through our computer system, who the defaulters are and I want them to know that such defaults would attract interest and penalty and even prosecution.

Discreet enquiries made by the department revealed that many of them did not have the resources to pay the tax. Hence the default.

Mr Chottaray said tax payers are defaulting on payment of tax deducted at source too. In many cases, companies have not paid TDS despite deducting TDS from their clients incomes. The tax they deducted is government money and therefore, there cannot be an excuse for not paying TDS.

Mumbai, which accounts for 35-40% of the total direct tax, is expected to collect Rs 1,50,000 crore this fiscal year. Out of this, collection by way of TDS was projected to be Rs 47,000 crore.

Mr Chhotaray said his department has been carrying out raids and surveys to send out the message that it would not be in the interest of the tax payer to conceal income. My advice to the tax payer is to pay tax and live in peace.

The Central Board of Direct Taxes, the apex body on tax matters, is expected to collect Rs 3,95,000 crore this fiscal year by way of direct taxes. The first two months of the fiscal year witnessed a smooth 71% increase in collection but the trend started reversing from the third quarter that saw the slowdown starting in the economy.

With the slowdown, corporates and individuals started reporting lower margins and therefore lower tax outgo, making it difficult for the tax man to meet his projected collection.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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