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: VAT RATES :: TDS :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: form 3cd :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4%
 
 
General »
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble
 Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful
 Exchange window being misused, government forced to reduce limit to Rs 2000, says Arun Jaitley

I-T struggles to mop up original tax target
March, 09th 2012

The fiscal year is drawing to a close and the Income Tax department is scrambling to mop up revenues by collecting direct tax arrears. CNBC-TV18's Ashmit Kumar reports that the taxman is taking the practical approach and aiming for the original, not the revised targets.

Desperate times call for desperate measures, and the taxman is certainly desperate to finish the year with healthy collections and in the good books of the powers that be. But desperate times also call for some pragmatism, which is what the tax department is exercising.

Chief IT commissioner of Mumbai NP Singh says that they have rolled down their targets given the current scenario. "Yesterday I was reading that the fiscal deficit has already been overshot due to which there is big worry everywhere. We thought we will go in for the revised targets, but given the scenario we have become more pragmatic and we are trying to meet the original budget target," he said.

Forget the revised target of Rs 5.85 lakh crore, some tax officials have also expressed concern that the original target of Rs 5.32 lakh crores may be a tough ask.

But that's not stopping officials from ramping up collection efforts. Sources say the main focus is on recovery of current dues and arrears. Officials are also learnt to be stepping up on surveys under section 133-A.

Sources also indicate an increased focus on the top 20 advance tax payers with entities reporting lower advance taxes coming in for more scrutiny. Non-payment of self assessments is also being looked into.

However, experts say that these activities will only provide modest supplementary inflows and with tax collections linked to the economy, no one is expecting any windfalls.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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