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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: due date for vat payment :: cpt :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: TDS
 
 
News Headlines »
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley

I-T dept readies defaulters list
July, 16th 2007
The income-tax department is planning to recover tax arrears of Rs 13,501 crore during 2007-08. The Central Board of Direct Taxes (CBDT) has prepared an action plan for collection of arrears. The net collectible demand as on April 1, 2007 is Rs 12,539 crore. The department expects to recover at least 85% (Rs 10,658 crore) of it during this fiscal.

The demand that would mature in the course of the year works out to Rs 4,207 crore. The department hopes to collect Rs 841 crore or 20% of dues under this head during the current fiscal. As a part of the action plan, CBDT is preparing a data base of tax defaulters to make the arrear collection plan more effective. In addition, the department has also targeted collection of Rs 158 crore in taxes from cases which are in various stages of litigation at the Settlement Commission or Income Tax Appellate Tribunal where recovery has been stayed. For those demands of income tax which have been stayed by the authorities, the recovery target for the fiscal is Rs 841 crore, or 5% of outstanding amounting to Rs 1,6821 crore.

The lowest recovery target of 1% has been fixed for demands which have been categorised as difficult to recover. This is the head which has the highest amount locked in with arrears pegged at Rs 72,141 crore. These demands are basically those which are against notified persons sick companies or companies set for liquidation. Another Rs 282 crore or 4% of the Rs 7,048 is expected to come from other tax demands where recovery has not been possible due to some or the other reasons. The total direct tax collection target for 2007-08 is Rs 2,67,490 crore, a growth of 16.25% over 2006-07 budget estimates. The arrear collection will shore up government revenues besides helping it meet additional expenditure.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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