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
Latest Expert Exchange
« News Headlines »
 Here's what the changes in Form 16 will mean for you
 Your guide to filing income tax returns this year
 Income Tax rules for new financial year
 How to claim income tax refunds in 2019 in India
 What Latest Form 16 Changes Mean For You
  Companies (Incorporation) Third Amendment Rule,2019
 Filling salary details in ITR-1 for FY 2018-19 gets easier for taxpayers
 All the new details required in income tax return forms for FY18-19
 Income Tax return forms for AY 2019-20 out; last date of filing July 31
  Extending the due date for furnishing of report u/s 286(4) of the Income-tax act,1961
 CBDT extends final sales return filing date

Spending more than you earn? Get ready for I-T
January, 02nd 2007

If youve spent more than your declared income on high-end goods such as pens, plasma TV, big cars, the income-tax department sleuths may soon be knocking at your door. Ditto for companies which are underplaying their stock in their account books. The message of income tax department which will intensify surveys in the last three months of the current fiscal is clear: Pay tax, karo relax (pay your tax and relax).

With surveys generating desired results in the first six months, the department may go after tax evaders till March, 2006. The income surrendered in surveys jumped to Rs 1,000 crore in first six months of 2006-07 against Rs 211 crore in last fiscal.

In a double bonanza of sorts for the department, the compulsory scrutiny of income-tax returns for the assessment year 2004-05 has also brought encouraging results. Sources said the additional demand from assessees is likely go up to Rs 60,000 crore.

In fact, the scrutiny of 2003-04 income-tax returns last fiscal has resulted a recovery of Rs 24,000 crore. The total additional demand out of scrutiny was Rs 56,000 crore.

The department conducts scrutiny of 2% of income-tax returns which are selected under the computer assisted scrutiny system. The Parliamentary standing committee has in its action taken report asked the department to enhance number of surveys.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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