« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  I-T sops for infrastructure investment?... Vodafone’s petition premature, says IT department... » I-T to scrutinise SEZ, industrial park returns October, 17th 2007 Special economic zones (SEZ), industrial park scheme and some other schemes that provide for tax exemption have come under income-tax scanner. Apprehending tax evasion, the I-T department has asked its field formations to scrutinise returns of the entities closely. SEZs and industrial park schemes are administered by the commerce & industry ministry. Both are eligible for income-tax exemption under Sections 80(IAB) and 80(I)(A) of the Income-Tax Act respectively. The Central Board of Direct Taxes wants income-tax returns of the entities scrutinised in the first-year deduction claim. The revenue foregone on account of Section 80(IA) exemption, also available to power plants and telecom companies, stood at Rs 15,757 crore in 2006-07. While revenue outgo remains a concern area, the department wants to prevent misuse of the exemption facility to evade taxes. This is because the department feels that a large number of SEZs which have approved after the enactment of the policy may begin operations. Sources said scrutiny in the first year of these entities exemption claim would help the department in detecting tax evasion. There is a feeling in the department that entities may be trying to push past profits or income in the year in which they can claim exemption.Close scrutiny will be able to catch this, a source said. The I-T department is laying special focus on scrutiny as it helps in unearthing concealed income. At present, only 2% of the total returns are scrutinised. This year, the department plans to increase it to 2.5% of the total returns. This follows a recommendation by the Parliamentary Standing Committee on finance which had asked the CBDT last year to intensify scrutiny as it helps it detecting tax evasion. Scrutiny procedures also have been made more stringent to improve the quality. The scrutiny for assessment year 2005-06 has to be completed by December 31, 2007.