look news india
Due to the significant increase in income tax arrears, the Central Board of Direct Taxes (CBDT) has now decided to form a special team to trace top five thousand such cases by the end of September.
Under this special campaign, cases like income tax arrears, corporate tax arrears will be considered. Cases in which around 60 percent of income tax is due will be considered. The Central Action Plan (CAP) has been announced by the CBDT for the current financial year. This special campaign will be a part of this action plan. The CAP said that it is necessary to take a more focused and strict stance on income tax arrears. The figure of income tax arrears increased from Rs 24 lakh crore on April 1, 2023 to Rs 43 lakh crore on April 1, 2024. Which shows a significant increase in income tax dues. CBDT said, therefore, there is a need to take immediate and effective action in this matter. It will be difficult to recover the outstanding tax, the figure of Rs 43 lakh crore has been presented. At present, action has been taken to recover Rs 16.69 lakh crore. The target of CBDT is to bring this amount to Rs 7.98 lakh trillion this year. Demand for outstanding tax or recovery has been made earlier also but the amount has not been deposited by the defaulters yet. Pending litigation, liquidity of companies, untraceable taxpayers are causing the income tax arrears to rise. Apart from this, variation in tax deduction at source (TDS) is also a factor.
Pending income tax a headache for CBDT
* Unravelling of pending income tax cases is a part of the central action plan of CBDT for the financial year 2024-25.
* Pending litigation, liquidity of companies, inability to trace defaulting taxpayers and variations in tax deduction at source (TDS) are the main factors for the increase in income tax arrears.
* Income tax payable on April 1, 2023 has increased from Rs 24 lakh crore to Rs 43 lakh crore on April 1, 2024.
