Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Tax man to attach property of tax evaders
July, 01st 2008

Concerned by rising tax evasion especially by exporters and certain big manufacturers, the government today announced that the tax man could provisionally attach the property of evaders to recover dues.

The property of the manufacturers and service providers evading taxes could be attached by the tax man for up to two years to recover the dues, a circular issued by the Central Board of Excise and Customs (CBEC) said today.

The provisional attachment of property will, however, be resorted to only in a case where the service tax or CENVAT credit alleged to be involved is more than Rs 25 lakh.

It said the action would be taken only after issuing show cause notice and would be subject to the approval of the Commissioner of Central Excise.

The decision has been taken following Finance Minister P Chidambaram's recent meeting with Commissioners of Central Excise and Customs, where concern was expressed about fall in excise duty collection especially due to claims of CENVAT credit by issuing fake documents.

Government repays CENVAT credit to exporters to set off paid duties on inputs.

The property could be attached for indulging in sale of taxable services without payment of tax, under-voicing of goods, taking CENVAT credit without receipt of goods or services or through fake invoices in a fraudulent manner.

CBEC also said action could be taken against those officials who decide to attach property on frivolous grounds.

It also said that only immovable property which is used for commercial purpose may be provisionally attached and personal property will be spared.

Movable property could also be attached if the immovable property available for attachment is not sufficient to recover due taxes, it added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting