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Tax dept issues notices for additional Rs61,412 cr tax

Tax dept issues notices for additional Rs61,412 cr tax
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First Published: Sun, May 13 2007. 01 07 PM IST
Updated: Sun, May 13 2007. 01 07 PM IST
PTI
New Delhi: The Income Tax Department has issued notices to major corporates, rich individuals and other assessees, demanding additional taxes of Rs61,412 crore.
“After the scrutiny of tax returns filed over the years and processing of returns for 2005-06, the department issued notices demanding additional tax of Rs61,412 crore by 31 March,” a senior Income Tax official told PTI.
He said the notices have been issued to assesses, which included major corporates and high net worth individuals.
Admitting differences in tax liability and tax submitted, the official said the assesses have already deposited as much as Rs19,306 crore, about one-third of what was demanded.
This has helped Finance Ministry meet the revised target of Rs2,29,007 crore direct tax collections for 2006-07.
Total direct tax collections, including personal income tax and corporate tax, reached Rs2,29,181 crore during the fiscal.
The department is hopeful of realising a major portion of the remaining tax in coming months, the official said. Tax demands may be lowered as there was a possibility of a section of assesses contesting against the department in tax tribunals and courts, he added.
The department has also issued notices to employers, asking for Rs371 crore taxes, on account of tax deducted at source (TDS) from salaries of their employees. Out of this, Rs171 crore have so far been realised, the official said.
Out of over Rs1,00,000 crore tax arrears accumulated over the years, the I-T Department has collected Rs12,285 crore taxes in 2006-07, against the target of Rs11,710 crore, he said.
“It is for the first time in past thirty years that the opening carry forward tax arrears declined in a financial year, at Rs1,16,453 crore as on 1 April 2007 as against Rs1,81,614 crore as on 1 April 2006,” the official said.
An action plan has been prepared to bring down tax arrears further during the current financial year, he added.
The official said the department has cautioned assesses they should deposit the additional tax as otherwise they would have to pay interest at 18% according to the Income Tax Act.
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First Published: Sun, May 13 2007. 01 07 PM IST
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