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: form 3cd :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment :: VAT RATES :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TDS :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

Taxman to tighten noose,studies returns closely
December, 02nd 2006

Concealing income from the taxmen will be a tougher proposition now. The income tax department proposes to tighten the scrutiny of returns filed by tax payers. At present, the department carries out scrutiny of only 2% of the total tax returns. This ceiling may now be enhanced. Even the norms for carrying out the scrutiny may be tightened. This is important for detecting evasion or concealment of income, sources said. The scrutiny procedures have to overhauled to make them more scientific and effective, they said.

The scrutiny for the assessment year 2004-05 has to be completed by December 31, 2006. The department is also looking to tweak procedures to improve the quality of scrutiny. The department has been under pressure due to shortage of manpower for carrying out scrutiny.

But with e-filing, the department is working towards an electronic environment and some changes are required in the norms for selection of cases. This year, the computer-aided scrutiny selection (CASS) system, which selects cases for scrutiny at random, has picked up 1.5 lakh cases for scrutiny in 60 cities. However, commissioners have also been allowed to pick up cases locally for scrutiny.

For the first time this year, the department will be carrying out scrutiny using the information from the annual information returns. The department has already issued instructions on scrutiny based on AIR to prevent harassment of assessees. But with the information flow increasing, it is examining overhauling the norms.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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