« Top Headlines » Open DEMAT Account in 24 hrs  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  Income and expenses of pre-commencement period... CBDT clarifies on issuance of PAN to FIIs ... » Taxman likely to get teeth to hound evaders property May, 27th 2008 Pay up your taxes well in time, if you want to escape a show-cause notice from taxmen. The Central Board of Excise and Customs may soon issue a notification that would empower it to provisionally attach property after the issuance of notice. Government sources said a final decision on the proposed provision will be taken only after the law ministry, which is examining the matter, approves it. The government is taking a cautious approach as it could be considered draconian and come under severe criticism from the business and industry. This is the reason why the provision was not notified till now even though the required legislative change through the Taxation Laws (Amendment) Act was carried out in 2006. However, now it seems the government wants to tackle evasion, which is quite rampant in indirect taxes such as excise and customs, with an iron hand. The 2006 Act had led to changes in the Customs Act, 1962, and Central Excise Act, 1944. It provided for publication of names of tax evaders, provisional attachment of property during the pendency of proceedings as measures to curb evasion of customs and central excise duty and to facilitate recovery of amounts due as revenue to the government. It may be pointed that the government has in the past one year taken several tough measures to deal with evasion in excise duty that has seen dip in collections in the last few years. It not just restricted excise duty exemption benefits to actual production activity and value addition in states such as Himachal Pradesh and Uttrakhand that enjoyed area-based tax benefits, but also unveiled a production based levy in case of gutkha. Besides, special reporting requirements were placed on units in these areas and gutkha manufacturers. In fact, the government has armed itself to impose production-based levies in any sector through the Finance Act, 2008.