Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
« News Headlines »
 4 reasons why deadline to file ITR should be extended this year
 It’s time to file your India tax return
 Are you filing the correct GST return?
 How foreign companies can file income tax return in India
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s

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.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions