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: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT RATES :: empanelment :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

Taxman hopes to recover Rs 11.7k cr arrears in FY07
August, 18th 2006
Companies with tax demands locked up in litigation can expect more visits from the revenue department this fiscal. The income-tax department has set itself a hugely ambitious target of recovering Rs 11,700 crore as arrears in 06-07. The step is aimed at substantially shoring up the fiscal position of the finance ministry, which is scouting for every available resource to meet the expected spike in expenditure on social sector programmes. The additional sum will, therefore, go a long way in keeping the fiscal and revenue deficits within the budget targets. The total arrears of the direct tax department is estimated at Rs 1,17,000 crore. As per the formula worked out by the Central Board of Direct Tax, the net collectible tax demand as on April 1, 06 is Rs 6,370 crore. The department expects to recover at least 85% of it or about Rs 5,415 crore this fiscal. The department is also hopeful of collecting another Rs 5,000 crore, which will be 20% of the total demand of Rs 25,000 crore, on demands that would mature in the course of the year. In addition, the department has also set a target to collect Rs 133 crore in taxes from cases that 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 themselves, the target for the fiscal is recovery of Rs 332 crore, or 5% of Rs 6,631 crore. The lowest recovery target of 1% has been fixed for demands locked in court battles. Of the total Rs 67,825 crore pegged under this head, most are against notified persons, sick companies or companies going for liquidation. Another Rs 184 crore or 4% of the Rs 4,598 crore is expected to come from other tax demands where recovery has not been possible due to some or the other reasons. The finance ministry has to provide Rs 63,313 crore for social sector plan outlay in 06-07, about Rs 12,000 crore more than the revised estimates for 05-06. The total Central plan outlay has been pegged at Rs 2,54,401 crore, Rs 49,063 crore more than the outlay for the previous fiscal. At the same time the finance minister is under pressure to meet the FRBM mandated fiscal and revenue deficit targets of 0.3% and 0.5% of the GDP respectively. A projected disinvestment proceeds of Rs 3,840 crore has had to be written off the government books. The net tax revenue for the Centre is expected to be Rs 3,27,205 crore as per the budget estimates.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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