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: form 3cd :: cpt :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment
 
 
« Direct Tax »
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?
 Investors cheer retailers facing lower tax rates

Direct Tax to get info on assets of defaulters
September, 07th 2009

The government will arm income-tax officials with details about assets of individuals whose tax payments are pending, a move aimed at meeting the Rs 13,153-crore target for arrears collection this fiscal.

With tax arrears of Rs 2,13,646 crore due as on April 1 this year, the Central Board of Direct Taxes (CBDT) is following an action plan that includes swift action by tax officials and confiscating assets of defaulters, among others.

An effective strategy for collection of arrears and current demand is to empower the assessing officer (the tax official) with relevant information regarding the movable and immovable assets of assessees, a finance ministry official said.

The government has collected tax arrears of Rs 3,548 crore in the first quarter of this year (April-June), the official said, adding the collections were in line with expectations.

The action plan for collection of tax arrears includes quick action by tax officials, ascertaining tax liability for attachment and recovery of assets of individuals whose tax arrears are pending.

The modes used by the assessing officer are to identify the current assets and take necessary action for attachment and recovery for the same, the official added.

The Rs 2,13,646 crore tax arrears pending as on April 1, 2009, include Rs 82,913 crore tax demand raised by the department during 2008-09. Demand arrears are the ones that have been raised by the department but not received from the taxpayer.

Much of this demand, Rs 71,874 crore, is attributable to one groupthe Hassan Ali Group. According to the plan, in cases where the tax demands remain irrecoverable inspite of exercise of the power of recovery conferred under the Income Tax Act, the write off of such arrears should be considered as per instructions laid out on the subject.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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