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: TDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd
 
 
Direct Tax »
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category
 Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.4% up to November, 2017
 LTCG tax on equity may return to haunt D-Street
 Karnataka third highest direct tax contributor

Weak sentiment may restrict tax mopup to budget levels: MC Joshi, Chairman, CBDT
October, 13th 2011

The slowing economy seems to have cast its shadow on the Central Board of Direct Taxes' plan to surpass the budget target on tax collections . Confirming the fears, MC Joshi , chairman, CBDT, says exceeding the budget target may be difficult now. Excerpts from an interview with Deepshikha Sikarwar.

Do you think the slowing economy will hit direct tax collections?

Sentiment is weak globally. Usually, taxpayers delay payments in a downturn. But, we should be able to achieve the budgeted targets. However, it will be difficult to meet the 10% additional mopup target. We will pay particular attention towards collection of tax arrears. We will focus on 60-70 % of corporate taxpayers.

We will also put to use information received through Annual Information Returns (AIRs). The committee constituted to look into ways of improving arrear collections has submitted its report and we are examining its recommendations. The emphasis will also be on expeditiously disposing appeals and collecting the undisputed demand.

Is there a spurt in anti-evasion measures by the I-T department?

Searches and surveys are meant to create effective deterrence against tax evasion. When tax compliance levels are low, deterrent actions need to be stepped up. So far, there is no indication that the compliance level has declined. So far, we have maintained a growth of over 25% in gross tax collections. Our method of tracking tax evasion has changed as we have a vast pool of data on most taxpayers, which is being used to identify potential tax evasion cases.

Are search and surveys part of the strategy to tackle black money menace?

Tax evasion is certainly a cause for growth of black economy, but the other and more serious cause is generation of income and assets through illegal activities or illegitimate means. These activities are different from tax evasion and such money is laundered or round tripped or simply taken abroad. This variety of tax evasion has serious repercussions for economic and national security.

In order to tackle this menace, we have created a directorate of criminal investigation, or DCI, headed by a DG at Delhi and offices located at eight cities. This world-class organisation, modelled on the US IRS-CI , is mandated to perform functions in respect of criminal matters having financial implications punishable as offence under any direct tax law.

A committee is also looking into ways of strengthening the laws dealing with black money. We have also embarked on verification of high financial transactions. IT systems have been upgraded . In the last two years, we have detected over Rs 30,000 crore of tax evasion domestically.

Is there any plan to increase numbers of transactions under AIRs?

We are exploring if some (more) transactions can be brought under AIR.

Why is the department aggressive on cross-border deals, transfer pricing and information exchange?

We have revised our tax treaties and entered into new agreements at a blistering pace over the last two years so that exchange of information and tax cooperation increases. We completed negotiations on 22 new tax information exchange agreements. We have set up eight more I-T Overseas Units to help track cross-border deals. Flow of information has started but it is a continuous process.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

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