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: TDS :: cpt :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: empanelment :: VAT Audit :: form 3cd :: ACCOUNTING STANDARD :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

Big deals bring under Income Tax scan by Citibank fraud
December, 31st 2010

Shaken by the Citibank episode in Gurgaon, the Central Board of Direct Taxes , the apex body in the finance ministry that oversees the Income Tax department, has asked all its range commissioners across the country to use a specially developed tool called Individual Transaction Statement to track large transactions of high networth individuals (HNIs).

This move comes along with other measures, initiated by the finance ministry, to track black money. The finance ministry is setting up a high-level multi-disciplinary panel to study the extent of black money at home and abroad, and finance minister Pranab Mukherjee has also approved another panel, which will suggest counter measures against tax havens.

Officials can view assets of HNIs via ITS

The Individual Transaction Statement (ITS) enables field officials to view HNIs current assets and gives them access to information such as recent investment in mutual funds, shares and other spending. The details are compiled by using annual information reports from banks and other financial institutions. As part of ITS, details of at least 550 HNIs have been prepared and circulated to field officials.

Considered as an effective tool to keep track of high value transactions of HNIs, the ITS empowers officers with information regarding the movable and immovable assets of assesses. The tool is being used for recovery of tax arrears from HNIs.

In a recent pre-Budget review meeting with senior CBDT officials the FM asked the tax officials to deal on a priority with the issue of black money and illicit assets parked abroad. FM told officials to plan strategies to broaden and deepen the tax base. He also expressed unhappiness at the rising gap between the rich and the poor.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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