​​​
  1. Direct tax base widens to 4.7 crore assessees

Direct tax base widens to 4.7 crore assessees

Total direct tax demand of Rs 6.75 lakh crore and indirect tax demand of Rs 1.74 lakh crore locked up in various courts

By: | New Delhi | Published: May 19, 2015 1:17 AM

The finance ministry said on Monday that a total direct tax demand of R6.75 lakh crore and indirect tax demand of Rs 1.74 lakh crore were locked up in various courts.

The ministry said in the annual report for 2014-15 that out of this, R5.5 lakh crore of direct tax demand was difficult to recover on account of stays granted by judicial authorities. As on October 31, 2014, the largest chunk of indirect tax demands — R1.31 lakh crore — were locked up in disputes at the Central Excise, Customs and Service Tax Appellate Tribunal (Cestat).

The annual report said tax base for direct taxes has been widened to 4.7 crore assessees.

The finance ministry also said that the exchange of information between India and the US under the latter’s Foreign Account Tax Compliance Act (FATCA) was not fully reciprocal as is conceived now, but would be made fully reciprocal in the near future. Consultation in this regard would start before the end of 2016.

For Updates Check Economy News; follow us on Facebook and Twitter

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top