Online GST Certification Course by TaxGuru & MSME- Click here to Join

With direct tax collection target of Rs 5.85 lakh crore  looking difficult to meet,the Central Board of Direct Taxes (CBDT) on Monday said it will concentrate on big corporates and salaried employees to mop up the revenue.There is a concern… IIP and GDP are down.It will be difficult to achieve budget estimate, CBDT Chairman M C Joshi said.He,however,said the department was working hard to achieve the target given to it in the Budget.We will monitor tax deducted at source (TDS) and concentrate on bigger assessees, he said. The economic growth slowed to 6.9% in the second quarter against 8.4% in the same period last year.The industrial growth is slowing and in October the factor output measured on IIP shrunk by 5.1%.The CBDT chief said,as on December 17,the direct tax collection has been Rs 3.16 lakh crore.

More Under Income Tax

Posted Under

Category : Income Tax (25157)
Type : News (12613)
Tags : CBDT (675)

0 responses to “CBDT to concentrate on big corporates and salaried employees to achieve target”

  1. jay says:

    Pl read CAG Reort dt. 16.11.200 – Government has tax demand of Rs 1.96 lakh crore of which 84 per cent cannot be realised – CAG. CAG has identified just 3 (THREE) assessees account for 75% of the tax demand viz.
    a staggering figure of Rs 1.16 lakh crore pending against individuals, (which includes Hassan Ali Khan (Rs 50,345.73 crore),

    It is sheer incapacity of the Departmeht to proceed such huge defaulters even after identying the assessee and quatnyfying the amount, It is sad that the Depatment is fleecing the poor salaried class who taxes are already recovred through a foolproof, well carved stystem of TDS. Why not the depatment show its strenght & might against such huge defaulerts and reach all its targets with one single assessee rather than throtlling the neck of the hapless salaried class.

    Why is the Deptment scratching for pennies when it has all details of (crores of) pounds pending from a handful of identiifed assessees.

    The jist of Report is below :

    ” In a startling revelation, official auditor CAG today said the government has a huge tax demand of Rs 1.96 lakh crore….. …According to a report of the Comptroller and Auditor General (CAG) of India, even the huge tax arrears pending against Pune-based stud farm owner Hassan Ali Khan, his associate Chandrika Tapuriah, and late stock broker Harshad Mehta cannot be realised. Department is incapable. The three account for about 75 per cent of the total tax demands of Rs 1.16 lakh crore pending against individuals.
    “Hassan Ali Khan (Rs 50,345.73 crore), Chandrika Tapuriah (Rs 20,540.83 crore) and Harshad Mehta (Rs 15,944.38 crore) accounted for 74.57 per cent of the total tax demands pending against individuals,” the CAG report said.
    It pointed out that 12 individuals account for 90 per cent of the pending tax demand of Rs 1.16 lakh crore in individual cases. Of these, Hassan Ali account for 43 per cent.

    Whie the depatment is unable to reciver tax dues in crores of rupees, even after identifying the assessees, it

Leave a Reply

Your email address will not be published. Required fields are marked *