Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: due date for vat payment :: empanelment :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: TDS
 
 
« News Headlines »
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…
 File income tax returns in time to carry forward losses
 Missed the deadline to file income tax returns? Here is what you should do
 Who has to report foreign assets in Indian income tax return and how to do it

FinMin lens on mega tax dodgers
September, 16th 2013

As slow growth taxes the economy, heavy hitters who have evaded taxes have come under the eagle eye of Finance Minister P Chidambaram. Following his instructions to income tax officials to address an estimated backlog of Rs 4 lakh crore of corporate tax, a massive crackdown has been unleashed on all major tax evaders who owe the government upwards of Rs 500 crore. The finance minister hopes to collect over Rs 6,50,000 crore as direct taxes in the financial year 2013-14 including corporate tax. In May, Chidambaram hinted that the government is mining data to enable it to trap tax evaders in the finance ministry’s net.

For the first financial quarter of 2013, the government has mined the data of 41 private and public sector enterprises who have to pay Rs 70,000 crore to the treasury—almost 17 per cent of the estimated corporate tax collection for 2013-14. With the impending general elections, governments cannot raise new taxes and the recovery of money from big tax evaders is the best hope to tackle the fiscal and current account deficit.

According to Finance Ministry sources, the data has been mined and compiled up to March 2013 and a fresh list is likely to be out in the first week of October, which will provide the details of tax collection for the last five months from the 41 cases under scrutiny. The Income Tax Directorate of Recovery, responsible for taking action in pending dues is pursuing the matter with field authorities. Chidambaram had said the method the ministry follows is to mine the data first, issue notices and then gently push evaders into filing returns and paying taxes. “This is the correct way to go about it,” Chidambaram said in June.

The Finance Ministry is also addressing the challenges of meeting human resources, technology and time to improve tax collection in order to deal with tax evasion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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