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: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS
 
 
Direct Tax »
  CBDT to waive interest if tax demand paid in retro cases
 No relief to those who defaulted on 1st IDS installment: CBDT
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers

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 2017 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