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News INCOME TAX

  • Jul 05, 2018
  • I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection

    The income tax (I-T) department made record recoveries of Rs 1 trillion in 2017-18, contributing 10 per cent to the total direct tax collection last financial year. In a first, the department resorted to a slew of coercive measures like selling assets, which resulted in 33 per cent growth in arrears and tax recovery, the highest-ever, according to I-T officials. In 2016-17, growth in recoveries was 10 per cent at around Rs 750 billion. Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.