TaxTMI 
TaxTMI 
TaxTMI 
Recovery of IT.
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....ecovery of IT. <br>News and Press Release<br>Dated:- 27-4-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 27-April-2012 17:31 IST Recovery of IT The C&AG conducted performance audit of Recovery of Arrears of Tax Demand of the Income Tax Department and the report Number 23 of 2011-12 was laid on the table of the Lok Sabha/Rajya Sabha on 16-12-2011. In the report,....
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.... the C&AG has identified weakening of certain control mechanism and non-adherence by the field formation to prescribed procedures in some cases and make observations/recommendations to further improve internal control mechanism and to monitor the recovery of Income Tax Arrears more effectively. The observations/recommendations of the C&AG and the response of the Ministry thereto are included in th....
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....e above-mentioned report of the C&AG. The amount of certified demand left uncollected for the year 2009-10 and 2010-11 is as under: (as on 31.03-2011) Year No. of certificates No. of defaulters Amount (Rs. Lakhs) 2009-10 19,162 14,891 81,04,083 2010-11 22,025 15,489 5,35,123 Raising of demand and recovery of taxes is a continuous process which is affected by many factors due to which....
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.... arrears are accumulated. Some of the factors which lead to pendency of arrears are non-traceable assesses, assesses with inadequate or nil assets, assesses notified under Special Court (Trial of offences relating to transaction in securities) Act, 1992, cases before BIFR, companies in liquidation etc. The position of uncollected tax dues is monitored on regular basis in each case and the possibil....
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....ities of collection are constantly evaluated. Cases of large demand (Rs.10 crores and above) are also monitored at the level of CBDT on quarterly basis. This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in Lok Sabha today. ***** DSM/SS/Hb<BR> News - Press release - PIB....