« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  For nominees insurance money is not taxable... 2-month-old has PAN card... » I-T dept readies defaulters list July, 16th 2007 The income-tax department is planning to recover tax arrears of Rs 13,501 crore during 2007-08. The Central Board of Direct Taxes (CBDT) has prepared an action plan for collection of arrears. The net collectible demand as on April 1, 2007 is Rs 12,539 crore. The department expects to recover at least 85% (Rs 10,658 crore) of it during this fiscal. The demand that would mature in the course of the year works out to Rs 4,207 crore. The department hopes to collect Rs 841 crore or 20% of dues under this head during the current fiscal. As a part of the action plan, CBDT is preparing a data base of tax defaulters to make the arrear collection plan more effective. In addition, the department has also targeted collection of Rs 158 crore in taxes from cases which are in various stages of litigation at the Settlement Commission or Income Tax Appellate Tribunal where recovery has been stayed. For those demands of income tax which have been stayed by the authorities, the recovery target for the fiscal is Rs 841 crore, or 5% of outstanding amounting to Rs 1,6821 crore. The lowest recovery target of 1% has been fixed for demands which have been categorised as difficult to recover. This is the head which has the highest amount locked in with arrears pegged at Rs 72,141 crore. These demands are basically those which are against notified persons sick companies or companies set for liquidation. Another Rs 282 crore or 4% of the Rs 7,048 is expected to come from other tax demands where recovery has not been possible due to some or the other reasons. The total direct tax collection target for 2007-08 is Rs 2,67,490 crore, a growth of 16.25% over 2006-07 budget estimates. The arrear collection will shore up government revenues besides helping it meet additional expenditure.