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
Direct Tax »
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?
 Top 5 reasons why you could be paying more tax
 Income Tax Alert! Top 5 reasons why you could be paying more tax
 7 Documents You Need To File Your Income Tax Return

I-T dept wants defaulters to clear tax dues by March 31
March, 14th 2013

In a warning to tax defaulters, the Revenue Department said that the 73,388 self-assessment tax defaulters, who owe Rs 3,859 crore to the exchequer, should clear their dues by March 31. The defaulters would face penal action if they fail to do so.

The warning comes close on the heels of Finance Ministry issuing 70,000 notices to assesses who have failed to file income tax returns.

"Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an 'assessee in default' under the provisions of the I-T Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences," the Finance Ministry said in a statement.

It said an analysis of returns filed electronically in the current financial year revealed that nearly 73,388 tax payers have defaulted on payments aggregating Rs 3,859 crore.

"Income-tax Department urges all taxpayers who have filed their returns in the current financial year and have defaulted on payment of self-assessment tax, to immediately come forward and pay the due taxes before March 31, 2013," it said.

It further said that in future the tax arrears, in case of self assessment, should be cleared along with the filing of return.

The revenue department is plugging each and every source of revenue to achieve the Rs 5.65 lakh crore mop up target under the direct taxes category for this fiscal, which will end on March 31.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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