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: empanelment :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: 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 :: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Direct Tax »
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?
 Investors cheer retailers facing lower tax rates

I-T dept targets 'forced voluntary disclosures'
November, 15th 2011

Deciding against bringing in a voluntary disclosure of income scheme (VDIS), the income tax department has decided to use some force in this regard.

A senior Central Board of Direct Taxes (CBDT) official told Business Standard the department had initiated an extensive exercise under which it was sending notices on money kept abroad on the basis of tips/leads from tax authorities in various countries and also transaction data over recent years. The idea is that we want to drive home the message about the I-T department getting ready to bite you, so pay the taxes due, he said.

The Income Tax (I-T) Act had provisions to disclose hidden income and assets voluntarily, getting in return a waiver of penalty and also prosecution, he added.
The officer declined to give details, but said work in this regard was on.

In the light of the need for secrecy on the information coming from abroad and also the pressure to get additional tax this year due to sluggish performance on this front till October, the whole exercise is being handled by senior officials from the finance ministry itself.

We have already been successful in getting substantial additional revenue, as many assesses were paying up their due tax after the departments questioning and the momentum is set to pick up further in the coming months, said the official. He said finance minister Pranab Mukherjee was likely to announce the outcome of this exercise at an appropriate time.

Net direct tax collections rose only by 7.1 per cent to Rs 2.19 lakh crore during the April-October period against Rs 2.04 lakh crore in the same period of 2010-11.

With a projected growth of 19.5 per cent over 2010-11 collections, the governments budget estimate for direct tax collection in the current financial year has been pegged at Rs 5.33 lakh crore. On top of it, the minster asked the department to target 10 per cent over the estimate.

The CBDT official said they were trying hard. The initiatives on ensuring additional tax collection based on the available information and creation of an atmosphere for voluntary disclosures would certainly help in achieving the target, he added.

 
 
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