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: ACCOUNTING STANDARD :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India :: form 3cd
 
 
General »
 Income tax department surveys bitcoin exchanges
 Income tax department to target senior executives who have US bank accounts
 Exporters file over 10,000 applications for GST refunds
 Government wants RBI rate cut before March: Finance ministry sources
 Govt begins review of tax, other norms for startups
 Fall in tax collection compounds crisis
 Govt sets up task force to review income tax laws
 Tax queries: Contact employer to get Form 16 error rectified
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP

Tax board targets Rs 5,30,000 crore collection in 2011-12
May, 18th 2011

Enthused by a good tax collection in 2010-11 fiscal, India's Central Board of Direct Taxes has fixed its collection target for 2011-12 at Rs.530,000 crore, its chairman said Tuesday.

"In 2010-11, we have achieved the budget target of Rs.446,000 crore. We had the original budget target of Rs.430,000 crore but we revised it to Rs.446,000 crore. We have set the budget target of Rs.530,000 crore for this fiscal," said CBDT chairman Sudhir Chandra, while addressing a press conference here.

Chandra also cited the large number of refunds his department made during last fiscal.

"In 2010-11, we have made around 85 lakh refunds, amounting to nearly Rs.74,000 crore. I consider it one of the biggest achievement of our department and it substantiates the fact that Income Tax department not only takes people's money but also returns it," said Chandra.

He added, "Our aim is to contribute our best to the growth of the country. We take every penny that is legal as tax. Besides, we do not believe in taking any penny more or any penny less."

The CBDT has also detected black money worth Rs.30,000 crore in the last 22 months, he said.

"During the last 22 months, in income tax searches, we have detected black money worth Rs.18,000 crore. When we talk about surveys, then we have detected black money worth Rs.12,000 crore. So roughly in the last two years, black money worth Rs.30,000 crore has been unearthed," said Chandra.

"We have detected this black money all across the country from various sectors and industries like mining, real-estate and manufacturing."

Chandra had come to Chandigarh to inaugurate a new office of the department.

He said that last year, over three crore Indian people filed their returns, and of these 97 lakh filed it electronically.

"Here nobody can hide anything and refund is fast if returns are filed electronically. Another interesting thing is that almost 70 per cent of these 97 lakh were in the voluntary category," he said.

Talking about the complaints that they receive, Chandra said, "A large chunk of information that we receive is not true and it is based on gossip. Some neighbour is complaining out of jealousy or to settle a personal score, or a husband or wife who has some divorce case pending in the court, complains."

"We cannot take action on the basis of all these complaints. Therefore, in most of the cases, we do it on the basis of profiles of tax-payers that we made on the basis of information downloaded from internet," said Chandra.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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