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 :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« Direct Tax »
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today
 Here are a few last-minute tax saving ideas Not planned taxes yet?
 Confessions of a fake CA exposes lacuna in e-filing of tax return
 Greetings from the income tax department

Central Board of Direct Taxes raises questions on CAGs 2G scandal loss estimates
December, 13th 2011

Tax authorities have informed a parliamentary panel that the concept of "presumptive loss" that the national auditor used to calculate the 2G spectrum losses at Rs 1.76 lakh crore does not appear in any statutory provision of the income-tax laws.

Further, the field offices of the Income-Tax Department do not calculate losses on a presumptive basis, the Central Board of Direct Taxes (CBDT) has written to the Joint Parliamentary Panel (JPC) investigating the 2G scandal in a letter dated November 21, 2011.

Comptroller and Auditor General (CAG) Vinod Rai told the JPC on November 15 that the idea of "presumptive loss" had statutory backing in the Income-Tax Act, 1961. The JPC approached the CBDT soon after to check if this was correct. There are provisions for computing only profits of businesses on a presumptive basis, CBDT said in the letter, a copy of which ET has reviewed.

Presumptive profits are used to calculate profits from businesses on the basis of a fixed percentage of turnover, it added. The 2G scam in which jailed former telecom minister A Raja is accused of rigging the allocation of licences is billed as independent India's biggest corruption scandal due to the CAG's calculation of losses to the exchequer.

The scandal has severely embarrassed the government, which has accused Rai of exceeding his brief. Prime Minister Manmohan Singh chided Rai for "commenting on policy issues". Communications minister Kapil Sibal said Rai had erred in his calculations on 2G losses.

Rai had earlier told the JPC that the idea of presumptive losses has been proposed in the Direct Taxes Code Bill, a legislation that seeks to overhaul India's tax laws, which is pending with parliament. But the CBDT said only the terms presumptive profits have been included in the DTC Bill, 2010.

A JPC member told ET that Rai, who is due to appear before the panel on December 19, will find it difficult to answer the panel's questions after the assertion by tax authorities. "He will be defensive just as he was last time," the member said, asking not to be named.

A CAG spokesman said Rai cannot reply to a set of questions posed by ET as he was traveling abroad and will arrive only on December 19. RP Singh, a key auditor of the 2G spectrum report and now retired, last month told the JPC the presumptive loss of Rs1.76 lakh crore was a "mathematical guess".

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and 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