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: VAT RATES :: articles on VAT and GST in India :: form 3cd :: TDS :: list of goods taxed at 4% :: cpt :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

IT dept to share wealth tax returns data of defaulters with banks
June, 03rd 2014

Recovering money from wilful defaulters could get easier for banks. The Central Board of Direct Taxes (CBDT) has told all chief income tax commissioners to provide public sector banks with information about assets listed in the wealth tax returns of such defaulters.

The communication (No. F. 328/10/2014-WT), a copy of which is with HT, was issued on Wednesday. A wilful defaulter is defined as someone who defaults on a loan despite having the capacity to repay it. So far, the I-T department had not been sharing this information as it was considered privileged.

It is fairly common for wilful defaulters to mortgage overvalued property. “Often, mortgaged machinery is old and defunct, having little resale value. But they are shown as new and, therefore, saleable in our books. These defaulters also own several valuable assets that the lending bank doesn’t know about.

The new circular will allow us to go after such assets,” said a senior executive at a public sector bank.

Since banks can’t legally attach properties that haven’t been mortgaged, the information in wealth tax returns will allow banks to approach the Debt Recovery Tribunal (DRT) and courts for orders to sell these assets and recover loans that are in default.

“A transparent protocol and legislative framework need to be put in place to provide confidential information in public interest under compelling circumstances,” said Rahul Garg, leader, direct tax, PwC India.

Public sector banks are stuck with non-performing assets worth Rs. 1.64 lakh crore, a more than four-fold rise over the NPA figure of Rs. 39,000 crore in 2008.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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