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: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment
 
 
ę Indirect Tax »
 Indirect tax collections rise by 23.1 per cent in November
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit‚Äô
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017

Income Tax returns: Chidambarams carrot and stick policy works
March, 15th 2013

The efforts of the Income Tax (IT) Department had started bearing fruit and nearly 10,000 assesses had lined up to file their returns in recent weeks, Finance Minister P. Chidambaram said on Thursday even as notice “in polite language” was issued to 35,000 defaulters.

Mr. Chidambaram told reporters that the department was ready to offer penalty waiver as was done in numerous cases in the past if the assessees chose to clear their dues. He added that 10,000 assesses had filed returns clearing their dues. The total number of people issued notice has touched 1.05 lakh.

Mr. Chidambaram said the department would take a lenient view of assessees volunteering to file returns and clear their dues and interest. “To those who have not filed their IT returns so far, either for the current year or for previous years, I have one simple message — it behoves you to file returns, to pay advance tax by tomorrow [Friday],” he remarked. The last date for paying the final instalment of advance tax is March 15 for corporates and individuals.

Mr. Chidambaram said the steps taken by the department to check evasion were reaping the results as 10,000 assessees, of the 70,000 to whom notice had been sent, had disclosed their income and filed taxes on receiving the letter.

The Minister disclosed that 13.5 lakh returns have been filed between February 10 and March 10, an increase of over 15 per cent over 10.81 lakh returns filed during the similar period last year. Till March 10, as many as 1.77 crore returns had been filed representing an increase of 35 per cent. As on March 10, a total of 1.35 crore returns had been e-filed.

“I am inferring that our approach is paying dividend. I am happy with the change of attitude and I hope many thousands more will voluntarily file their returns and pay the tax dues, especially the Advance Tax tomorrow [Friday],” he added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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