NEW DELHI: Indian finance ministry reported that India’s corporate houses tax areas stood at Rs3.11 trillion up to the month of December, 2014.
Demands from indirect sources were as much as Rs.1.54 trillion and total demand pending for collection under the head corporate tax under direct taxes till December, 2014 was Rs.3,11,080 crore.
“However, the total tax arrears in respect of indirect taxes as on January 31, 2015 was Rs.1,54,702.36 crore,” minister of state for finance Jayant Sinha said.
In reply to actions taken against cases of tax evasion, he said field formations of the Central Board of Excise & Customs and Central Board of Direct Taxes take all preventive steps. These measures include conducting extensive surveys for identification of potential tax evaders, gathering information from various sources, regular scrutiny, audit, joining global efforts to combat cross-border tax evasion and tax fraud and to promote international tax compliance, he added.
In reply to a separate question in the House, the minister said new tax accounting standards for computing income tax will be unveiled from 1 April 2015. “The Income Computation and Disclosure Standards are likely to be implemented with effect from the 1st day of April 2015, and shall accordingly apply to the assessment year 2016-17 and subsequent assessment years.”
