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News INCOME TAX

  • Sep 18, 2014
  • I-T to look into credit history, loan repayment pattern of taxpayers

    To recover maximum tax arrears with the optimum use of manpower, the income-tax department has decided to look into the credit history and loan repayment pattern of taxpayers and prioritise cases for recovery of past dues based on a defaulter’s ability to pay.
    For this, the department would consult the Credit Information Bureau of India (Cibil) that assigns credit scores and maintains details of loans taken by individuals, partnerships and corporations, along with their PAN. Sources said tax officials would be able to get an idea of the assets and the financial health of an assessee against which a tax arrears recovery demand has to be pursued vigourously.

    Source - http://www.financialexpress.com