Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: TDS :: form 3cd :: VAT Audit :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment
News Headlines »
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol

Over 1.5-lakh I-T returns taken up for scrutiny
December, 06th 2006
Returns pertained to assessment year 2005-06

The Income-Tax department has taken up a little over 1.5-lakh income-tax returns this year for scrutiny, the Union Finance Minister, Mr P. Chidambaram, told the Rajya Sabha on Tuesday.

Replying to supplementaries during question hour, Mr Chidambaram said that 1,51,876 cases have been picked up for scrutiny through a computer assisted scrutiny system (CASS).

Regular Monitoring

Official sources said that these returns pertained to assessment year 2005-06. Meanwhile, Mr Chidambaram said that the selection of cases for scrutiny arebased on strict guidelines and with adequate safeguards to ensure that there are no cases of improper issue of notices for scrutiny.

He said that these guidelines minimise discretion-based selection of cases for scrutiny. Mr Chidambaram highlighted that less than 2 per cent cases of all returns of income furnished every year are selected for scrutiny, which is a statutory process.

CASS is employed for selection of cases on the basis of information received through returns of income as well as institutionalised processes such as AIR.

The Finance Minister said that regular monitoring isdone to ensure proper selection. The lists of the cases so picked up are displayed publicly in the income-tax offices so as to ensure transparency, he said.

Mr Chidambaram also said that special grievance cells in CBDT and the field offices have been created to assist assesses in the resolution of their grievances.

To a question on whether the Government plans to exclude medical profession from service tax, the Finance Minister said that service tax is not levied on services provided by medical personnel in their professional capacity.

He, however, said that the States have the power to levy profession tax on medical profession. "As per information available, such tax is being levied by only 20 States. The total collection is estimated at about Rs 2,400 crore during 2004-05. The rates of tax vary from State to State within the overall ceiling of Rs 2,500 per person per annum," he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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