Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: cpt :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India
 
 
Direct Tax »
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return
 Businesses can file returns, pay taxes for July on GSTN portal
 Direct tax collection rises fastest since 2013-14
 The ‘statutory’ requirement problems of income tax returns
  CBDT signs 9 advance pricing pacts with taxpayers in July
 Which ITR form to use for Income from salary, capital gains?

CBDT may use third parties to recover tax dues
May, 25th 2011

The Central Board of Direct Taxes (CBDT) is considering use of third parties to recover tax dues. This is part of a plan to control mounting tax arrears.

The plan has been envisaged because insufficient information on assets of taxpayers is hampering CBDTs recovery efforts.

The income tax arrear demand made by CBDT stood at Rs 2,29,032 crore on March 31, 2010. Out of this, Rs 9,476 crore is difficult to recover because the assessees are not traceable.

Cases where the board has found no or insufficient assets for recovery called no-asset cases account for Rs 92,360 crore. A worried CBDT has felt the need to take outside help to find these assets.(Click here for TAX PILE-UP)

CBDT is also planning to reward those who give information on assets of defaulters. The names of defaulters who are not traceable or whose assets are not identifiable may be given in newspapers. Anyone giving information in response will be rewarded. At present, those who give tip-offs at the time of investigation, that is, before the tax demand is raised, are rewarded.

The board is also increasing the limits for taking irrecoverable demands off its books by four-five times. For example, it proposes to raise the limit for write-offs at the level of income tax officers from Rs 5,000 to Rs 25,000.

Similarly, at the highest level (CCIT, or chief commissioner of income tax, full board, finance ministry), the limit is proposed to be increased from Rs 50 lakh to Rs 2 crore.

Tax arrears may be declared irrecoverable if the assessee has become insolvent, is not traceable or has left India. In case of companies, the write-off can happen if the company has gone into liquidation and its business has been discontinued. The demand can be considered irrecoverable if the assessee has no attachable assets.

Writing off of irrecoverable demands is an administrative act and does not lead to waiver of the governments claim. It only helps such amounts to be written off the income tax departments books. These may be recovered for the next 30 years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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