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
Latest Expert Exchange
General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

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 2018 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