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Monday, Jul 13, 2009
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Business Daily from THE HINDU group of publications Monday, Jul 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Income Tax Industry & Economy - Income Tax IT dept recovers over Rs 10,000 cr in arrears K.R. Srivats New Delhi, July 12 The Income Tax department’s task force-based approach towards recovery of arrears seems to have paid rich dividends. The recovery of arrears in 2008-09 was Rs 10,016 crore, official sources said, adding that this was the highest since financial year 2004-05, when a special drive for collection of arrears was launched. Tax outstanding becomes arrears when it is carried forward to the next year. In August 2004, a task force was set up within the department to frame a strategy for better recovery . An amount of Rs 7,084 crore was collected during 2004-05. The focused attention continued in 2005-06, with the department collecting Rs 8.064 crore that year. Again, for 2007-08, the Finance Minister had directed the constitution of task force for each Chief Commissioner of Income Tax region. The task force was asked to identify the persons in whose cases the demand was confirmed by the Income Tax Appellate Tribunal or who have not contested the demand raised, but had not paid the taxes. Such cases were classified into three categories - cases of assessees who are available, visible and carrying on some business or activity even while avoiding/evading payment of tax; cases where the assessees are available but there are no assets or there are inadequate assets for recovery and cases where the assessees are not traceable. Corporate tax collections fall short of revised estimate More Stories on : Income Tax | Income Tax
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