Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: VAT Audit :: VAT RATES :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
 CBDT notifies new scrutiny notices with e-facility for taxpayers
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?

Govt sets up another panel to recover tax dues
June, 09th 2011

With expanding support base for anti-corruption crusaders, a nervous government on Wednesday announced setting up of yet another high-level committee in the finance ministry to recover tax arrears which have gone up to more than Rs 2.50 lakh crore, almost 50% of the total direct tax collection target for 2011-12.

A press note from the finance ministry on Wednesday said a committee was constituted by the Central Board of Direct Taxes (CBDT) to examine and suggest how tax arrears from "assessees not traceable" could be recovered. The government has been unable to recover taxes from many big tax evaders that include some corporate houses.

The panel will also suggest ways to recover dues in cases where assets are either inadequate or unavailable. For instance, Hasan Ali has been served tax notices, which include penalties, that add up to claims of over Rs 70,000 crore but may not have assets to cover these claims.

This is the third committee constituted by the finance ministry after it had last month announced a high-level committee headed by the CBDT chairman on black money comprising chiefs of Directorate of Revenue Intelligence and Enforcement Directorate as members; and a study on black money by leading economic thinks tanks.

The new committee will suggest modalities for utilization of the information available with Financial Intelligence Unit and the Income Tax department for the recovery of outstanding demand in such cases.

It will also examine the possibilities of engaging outside agencies to locate the whereabouts of non-traceable assessees or their assets and also unknown or undisclosed assets owned by the assessees with inadequate assets vis--vis the outstanding demand.

A reward scheme for informants who supply information about such tax defaulters and which results in collection of the outstanding demand may also be proposed by the panel. After the committee gives its recommendation, the government may go public with the names of chronic tax defaulters. The committee has been given two months to submit its report.

The I-T department has been trying to recover outstanding demands by using the asset and bank information available with the Finance Intelligence Unit and using details from the Annual Information Report data. The list of defaulters is matched with the asset data available.

Last year, the I-T department had circulated dossiers of at least 550 high net worth individuals and entities -- who had willfully defaulted or had unpaid tax of Rs 25 crore and above -- to field officers for recovery.

The dossiers included information on the recently acquired properties of these entities, their bank transactions and details on investments made by them in shares and mutual funds. The joint director and additional commissioner rank officers who were armed with such dossiers were asked to supervise the cases and if necessary to initiate attachment proceedings, that should include current movable and immovable assets owned by these entities.

Till March 31, 2010 the total arrears were Rs 2.30 lakh crore and with the start of the new fiscal another Rs 20,000 crore was added. The recovery, in comparison, has been very low, an average of Rs 12,000 crore a year.

 
 
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