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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: TDS :: form 3cd :: list of goods taxed at 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
 
 
Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 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

I-T dept to name & shame tax dodgers
August, 03rd 2011

The income tax department is preparing to make public the names of defaulters who have crores of tax demands pending against them. The defaulters include builders, exporters, IT entrepreneurs and stockbrokers. They have been labeled 'chronic defaulters' because even strenuous attempts to recover tax arrears from them have yielded nothing.

The Gujarat I-T department is collecting details of around 80 such individuals and companies. The Central Board of Direct Taxes (CBDT) had in June announced the establishment of a committee under the Union finance ministry to recover tax arrears, which have gone up to more than Rs 2.50 lakh crore. That is almost 50% of the total direct tax collection target for 2011-12.

The CBDT had sent Gujarat a list of chronic defaulters which include assesses not traceable or those who do not have assets to clear their dues. For instance, said an I-T official, the Gujarat list has Vishal Export Overseas Limited which has to pay Rs 76 crore in tax arrears, but the company has to return crores in bank loans and doesn't have assets.

The income tax department is trying to recover dues by using information on assets of these defaulters - available with the finance intelligence unit - and scanning details from the annual information report. The list of defaulters is matched with the available asset data. Once all details are collected, I-T officials will send the complete profile of defaulters to the committee which will examine the possibility of engaging outside agencies to locate non-traceable assessees or their assets. Unknown or undisclosed assets owned by the assessees will also be probed.

"Once the consolidated list is declared, defaulters' names may be made public and uploaded on income tax department's website," said a senior income tax official. "The CBDT may also announce a reward for those who provide critical information about these defaulters."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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