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: VAT RATES :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS
 
 
ITAT-Constitution of Benches »
 Income Tax Appellate Tribunal : Chandigarh Benches : Chandigarh Revised Constitution for the Week from 16/08/2017 To 25/08/2017
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Revised Constitution for the Week from 21/08/2017 To 24/08/2017
 Income Tax Appellate Tribunal Ahmedabad Benches, Ahmedabad Shri Rajpal Yadav, Jm & Pradip Kumar Kedia, Am Causelist For Bench 'A' 21/08/2017
 Income Tax Appellate Tribunal Bangalore benches Bangalore Causelist for the week from 21-08-2017 To 24-08-2017
 Income Tax Appellate Tribunal New Delhi Benches New Delhi Causelist for Bench 'B' 07/08/2017
 Income Tax Appellate Tribunal New Delhi Constitution of Benches from 21/08/2017 To 25/08/2017
 Income Tax Appellate Tribunal Banglore Causelist for The week from 14/08/2017 To 17/08/2017
 Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 16/08/2017
 Income Tax Appellate Tribunal, Ahmedabad Benches, Ahmedabad Constitution For The Period From 14-08-2017 To 17-08-2017 & 21-08-2017 To 24-08-2017
 Income Tax Appellate Tribunal : Bangalore Benches : Bangalore Constitution for the week from 21/08/2017 To 24/08/2017
 Income Tax Appellate Tribunal Mumbai Benches , Consolidated list orders read for Pronouncement 09-08-2017

81% of tax demand arrears difficult to recover: I-T Dept
June, 03rd 2015

The income tax (I-T) department has admitted that over two-third of tax demands made till March 31, are difficult to recover. The department now plans to adopt a multi-pronged strategy to minimise such dues.

As on March 31, “it is seen that out of total outstanding arrear demand of ?8,27,680 crore, it is difficult to recover ?6,73,032 crore.

Thus, out of total demand, 81 per cent is reportedly difficult to recover.

This leaves only 19 per cent of demand as collectable, which is an indefensible situation and to make matters worse even this portion has not been collected in earlier years,” a note circulated during the annual conference of top brasses held here last week said. Top among the list of reasons given for ‘difficult to recover’ over ?2.63 lakh crore is ‘no assets/inadequate assets for recovery’.

Over ?78,000 crore demand has been stayed by various courts and appellate tribunals, while there is TDS/prepaid taxes mismatch amounting to around ?52,000 crore. The reason ‘assessees not traceable’ accounts for ?28,500 crore of the demand.

Alarming situation

Terming the situation as ‘alarming’, the note expressed concern over the adverse comments from various quarters.

A Parliamentary Standing Committee, in its recent report, observed: “It defies logic as when the government is exploring all avenues, including disinvestment etc, to mop up funds why has this captive source been given a long rope. While taking a serious view of the laxity of the department in collecting even undisputed taxes, the committee recommended urgent, time bound and concrete action plan for recovery of undisputed and uncollected tax revenue.”

The tax authorities first want proper due diligence to be done before making an entry about ‘demands difficult to recover’ as these are often not verified.

Since ‘assessee not traceable’ and ‘assessee having no assets/inadequate assets’ are major contributors in the rising dues, it suggested that it is best to obtain details of bank accounts, debtors, moveable & immoveable assets at the assessment stage itself to prevent any demand from becoming uncollectable. Also, before qualifying any assessee into these two categories, a reference to Individual Transaction Statement (ITS) should be made, as it contains data relating to address, bank account, assets, foreign travels, demat accounts, etc.

Another suggestion is for referring the matter to the Financial Intelligence Unit besides publication of names of the defaulters. Last fiscal, 49 names were published.

For the current fiscal, officials have been asked to submit proposals by July 31.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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