Panel to recover tax arrears
A press note from the finance ministry on Wednesday said a committee has been constituted by the Central Board of Direct Taxes (CBDT) to examine and suggest how tax arrears from “assesses not traceable” can be recovered. The new committee will suggest modalities for utilization of the information available with Financial Intelligence Unit and the IT department for recovery of outstanding demand.
This is third committee constituted by the finance ministry after it had last month announced a high-level committee headed by the CBDT chairman on black money comprising chiefs of directorate of revenue intelligence and Enforcement Directorate as members and a study on black money by leading economic thinks tanks commissioned by the ministry.
It will also examine the possibilities of engaging outside agencies to locate the whereabouts of non-traceable assesses or their assets and unknown or undisclosed assets owned by the assesses with inadequate assets vis-àvis the outstanding demand.
A reward scheme for informants who supply information about such tax defaulters and which results in collection of the outstanding demand may also be proposed by the panel.
Almost 50% of the total direct tax collection targeted for 2011-12.
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