Collection and recovery

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Net sales up 8.67% at Rs.259.5cr vs Rs.238.8cr (QoQ)
Q1 PAT up 22.3% at Rs.17cr vs Rs.13.9cr (QoQ)
Watch CEO Exchange At 8:30 Sat & Sun
Board approves 1:10 bonus issue
Vishal Info Tech IPO closes; Subscribed 1.19 times
Inflation and IIP not moving in tandem: CMIE
Expect inflation to come down but very gradually
Mfg products & primary inflation still remain an issue
Inflation at 11.89% slightly below expectations
Oil & Gas Index up 1.5%, Realty Index up 0.6%
Power Index down 2%, Bankex down 1.8%
Metal Index down 2.9%, IT Index down 2.8%
Midcaps Index down 0.3%, Smallcap Index down 0.2%
Sensex down 1.1%, Nifty down 1% at close
Machine and machine tools up 0.2%
Fruits and vegetables up 2%
Inflation at 11.89% for week ended July 12 vs 11.91%
Non-Food articles up 0.8%; Food articles up 0.6%
Fuel, Power, Lights remain unchanged
Manufactured products up 0.05%
Inflation for week ended May 17 revised to 8.66%
Inflation remains stable: Finance Ministry
Good performance despite challenging environment
RIL Q1 Exports up 112% at Rs.28,357 cr (YoY)
RIL Q1 Other income up 14.7% at Rs.226cr vs Rs.197cr (YoY)
RIL Q1 EPS up 13.2% at Rs.28.3 vs Rs.25 (YoY)
RIL Q1 GRMs at $15.70/bbl vs $15.40/bbl (YoY)
PAT up 13.2% at Rs.4110 cr vs Rs.3630 cr (YoY)
Sales up 41% at Rs.41,579 cr vs Rs.29,504 cr (YoY)
Q1 PAT at Rs.263 cr vs Rs.308.5 cr (YoY) (cons)

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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