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
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

CAG pulls up I-T Dept for decreasing tax base
April, 26th 2010

Official auditor CAG on Friday pulled up the Income Tax department for not being able to retain the existing tax base in 2008-09, particularly among corporate taxpayers.

"The number of assessees declined by 3 per cent compared to an increase by 7.6 per cent in 2007-08. The decline was sharper among corporate assessees, indicating, inter alia, stop-filing which would nee to be reviewed by the Board (Central Board of Direct Taxes)," the Comptroller and Auditor General (CAG) said in a report tabled in Parliament today.

The decline was at variance from the accepted notion that simple tax laws and lower tax rates promote better tax compliance, CAG said.

"It is a matter of concern that the Department which is otherwise aiming towards widening the tax base had not managed to retain the existing tax base.

Evidently, the department is not utilising the mechanisms available to widen the tax base," it said.

Though the taxpayer base grew from 271.8 lakh in 2004-05 to 326.5 lakh tax payers over the last five years, the number of tax assessees fell by 3 per cent in 2008-09.

The report also pointed out that of the 7.5 lakh companies registered with the Registrar of Companies as on March 31, 2009, only 3.3 lakh are recorded with the Income Tax department as corporate assessees, leaving a filing gap of 4.2 lakh companies.

"The Board would be advised to reconcile the discrepancy for accurate assessment of filing gap," CAG said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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