Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return
 Businesses can file returns, pay taxes for July on GSTN portal
 Direct tax collection rises fastest since 2013-14
 The ‘statutory’ requirement problems of income tax returns

I-T dept starts scrutinising high-value transactions
October, 13th 2011

started scrutinising high-value transactions. "The Central Board of Direct Taxes (CBDT) wStepping up efforts to check tax evasion and unearth black money, the Income Tax Department has ill verify all high-value transactions. Directorate of Revenue Intelligence has been given all powers under various sections of the Income Tax Act to collect information", a senior Income Tax official said.

The verification will help the Income Tax Department to go into the source of funding of high-value transactions like purchase of shares, mutual funds, bonds and property. The verification would be undertaken on the basis of the information collected under the Annual Information Returns (AIR) in 2009-10, the official added. He said that as many as 6,462 AIRs, containing 43.68 lakh pieces of information, were filed during 2010-11.

The value of these transactions has been estimated at whooping Rs 153 lakh crore. The Income Tax Department introduced AIR system in 2004-05 during which 16.6 lakh pieces of information were filed involving Rs 11.45 lakh crore. The CBDT has already decided to raise the direct tax collection target for the current fiscal by Rs 53,000 crore to Rs 5.85 lakh crore. The scrutiny of high-value transactions is likely to help the Revenue Department in garnering additional taxes.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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