The government’s direct tax collection of Rs 3,12,000 crore as of March 17 includes Rs 18,000 crore recovered by taxmen from regular taxpayers and corporate assesses who were trying to understate their liabilities.
The taxmen raised demands for recovery of these taxes as IT authorities are racing against time to meet the truncated target of Rs 3,45,000 crore by March 31.
“Rs 18,000 crore have been recovered post assessment from the demands raised by the department from the taxpayers till March 17,” Member CBDT (Revenue) Saroj Bala told reporters.
Of the total recovery made, Rs 13,000 crore was collected from regular tax payers while Rs 5,000 crore was collected from corporate assessees, she said.
While the direct tax collection at Rs 3,12,800 crore is a growth 18.8 per cent from Rs 3,12,202 crore in the same period last fiscal, the tax authorities are mopping up the recoveries to meet the set targets.
Source: The Economic Times
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Incometax, IT Department, Tax, tax authorities
If you have not filed your Income Tax returns then better be quick and complete the formalities by July 31, here are some consequences which might occur if you fail to pay the tax or file your IT Returns:
1) The tax department may impose a penalty of up to Rs 5,000 under section 271F on you for not filing IT Return.
2) If you have unpaid tax of more than Rs 3,000 but less than Rs 1 Lakh, you can be sentenced for a jail term of three months along with the penalty.
3) If the unpaid tax amount is more than Rs 1 Lakh the jail tern can increase to a minimum of six months to a maximum of seven years, over and above the penalty.
4) In case a person does not file returns but submits documents like Form 16A and other TDS certificates after getting a notice, he can be still asked to pay a penalty of Rs 5000.
5) If the person ignores the notice then the penalty will increase to Rs 10,000 for each notice.
However, return filing can be extended to till April 2009, the last date of assessment year for 2007-08 if there is a genuine ground, There are several advantages also like:
1) Income tax law allows carry forward of set off business losses against the income in the subsequent years.
2) If more tax than the due amount is deducted from your income, you will get the refund only after filing the returns.
3) If you file the return by July 31, you will also get the interest on the refund amount for the period between April 1, 2008 and the date of refund but if you file your returns after July 31, 2008, you will not get the interest.
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Filing of IT, Income Tax, IT Returns, Returns, Tax, Tax benefits, Tax returns, TDS