Collection and recovery

News Flash

U.S. economic data seen -ve for coming months
Taro shareholders to vote, yes or no, on a merger
Prepared to conduct a shareholder referendum
Proposal contemplates a full cessation of litigation
Offer < $10.25 Sun paid for Brandes' 8% stake in Taro
Should agree to a standstill if shareholders reject offer
Crude trading in red, trading around $48/bbls
U.S. equities fell for the first time in 4 days
S&P500 financial index fell 2.5% yesterday
Dow Jones down 0.9% at 8950 levels
Asian markets trading mixed with positive biased
Incentives for projects larger than Rs.1000cr: Guj Govt
BSE Bankex up 3.5%, BSE Metal up 5.5%
CNX Midcap Index & Smallcap Index up over 1% each
Sensex closes up 317 pts; Nifty up 74 pts
Govt to tackle proposed oil officers' strike from Jan 7
Contempt of court action to be against striking officers
Strike will hit operations of aviation sector the most
Oil PSU chiefs ask officers to not to strike work
To vote: Log onto www.ndtvprofit.com for details
Vote for CNB Viewers' Choice Car of the Year
Vote for CNB Viewers' Choice Bike of the Year
Kampani has informed the AP police he is not involved
Police personnel from H'bad visited JM Fin on 29 Dec
Sr police officer from H'bad has spoken to Kampani
Kampani currently in Dubai, to return when meeting is over
Rupee closes at 48.54/$ vs 48.57/$ on Friday
No scaling back in product development investments
Reduction in lending rates to increase liquidity flow
Govt trying to balance public welfare & corporate growth

Updated: 08/02/2008 | 05:29 PM IST

Taxation

KPMG

Friday, February 08, 2008 (New Delhi)

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Collection and recovery mechanisms of the IT Act deal with recovery and payment of taxes. Various methods have been prescribed for recovery and collection of taxes like tax deduction at source, payment of advance tax and self assessment tax.

Stringent provisions have also been made to recover tax from tax defaulters. Various penalties in cases of non compliance and interest in case of delayed tax payments have been prescribed. The tax authorities have been authorized to recover tax from defaulters by attachment and sale of their property (both movable and immovable) including ordering their arrest.

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