Latest Expert Exchange Queries
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: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: TDS :: VAT RATES :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Tax dept scanning IDS disclosures filed through post
October, 06th 2016

The tax department may take at least a week to compile the final number of disclosures made under the nation's biggest black money scheme as they are scrutinising postal declarations to weed out fraudulent filings that may have been made in the name of unsuspecting honest tax payers.

It is doing physical verification by calling up declarants in whose name the disclosures have been filed through post to ensure that no one else has filed them fraudulently, a top official said.

"There can be cases where a person could have filed an application in some other person's name, disclosing black money," he said.

"The person in whose name the disclosure has been filed may actually not have any undisclosed income or asset. But he will face unnecessary hassle if the tax department were to take the application on face value and start pursuing a tax demand of 45 per cent on the amount declared," he added.

The official said that while there isn't much problem with e-filing through digital signature, it is the disclosures received by posts where there could be some trouble in store.

Doing physical verification of such applications will take sometime and the final number of black money disclosed in the four-month compliance window which ended on September 30 will be known only after that.

"This may take a week to 10 days if not more," he said.

In the biggest-ever disclosure of hidden wealth, a huge sum of Rs 65,250 crore in black money has been declared by 64,275 declarants through the one-time window. This number will go once the final tabulations are completed, the government had said on October 1.

The four month one-time window ending September 30 under the Income Disclosure Scheme (IDS) provided for a simple declaration to be filed of the income or assets that had previously been not disclosed and on which tax had not been paid. The 45 per cent tax on these disclosures is to be paid subsequently.

The declarants will have to pay tax on this amount in three instalments up to September 30, 2017. At least half of the tax amount will accrue this fiscal.

Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying 45 per cent in tax and penalty.

The official further said that the tax department will maintain the secrecy of the disclosures and no enquiry or investigation shall be launched on undisclosed income and assets declared under the scheme even if evidence is found subsequently during search or survey proceedings.

Specific information on declarations will not be shared with anyone including investigating agencies like CBI and official auditor CAG, he added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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