AndhraNews.net
Home » India News » 2011 » June » June 8, 2011

Govt. sets up committee to examine suggestions on income tax demand


June 8, 2011 - New Delhi

In an endeavor to deal efficiently with the menace of black money, the government on Wednesday constituted a committee to examine certain suggestions on Income tax demand classified under the categories 'assessees not traceable" and "no assets/inadequate assets for recovery'.

The committee, which has been set up by Central Board of Direct Taxes (CBDT) in the Finance Ministry, will also look into the possibility of putting the list of 'chronic defaulter' in public domain.

The committee, headed by Anita Kapur, Director General of Income Tax (Admn), will suggest ways to recover tax demand from assessees, who are not traceable.t will also examine the possibility of engaging outside agencies to locate non-traceable assessees and their undisclosed assets.

The panel will also suggest modalities for utilization of the information available with Financial Intelligence Unit - India (FIU-IND) and the Directorate of Income Tax (Systems) for the recovery of outstanding demand in such cases.

It will propose a reward scheme for informants who supply information about such tax defaulters, which results into collection of the outstanding demand.

Besides, it has been asked to propose a reward scheme for informants who supply information about chronic tax defaulters and which results into collection of the outstanding demand.

The committee shall submit its report within two months of its constitution.

ANI

Comment on this story

Share