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: articles on VAT and GST in India :: VAT Audit :: TDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Taxman launches surveys to net evaders
January, 05th 2007

This is not good news for tax evaders on New Year Day. The heat will be on tax-dodgers in the next three months, up to the end of the current financial year.

The income-tax (I-T) department says it wouldnt leave any stone unturned to maximise tax collections in the remaining part of the financial year, and as such, it would take up a campaign of surveys to unearth hidden incomes.

A survey essentially involves an inspection of the books of a business establishment to look for inconsistencies between declared income and actual income.

Under tax laws, a survey, as opposed to search, can be conducted by the field formations of the tax department without being in possession of specific evidence or information of tax evasion. The tax department has better logistical backing this year to take up more surveys.

The field formations dont require to be told by the Central Board of Direct Taxes (CBDT) to take up surveys, CBDT joint secretary A K Sinha said.

The assessing officers are competent to conduct surveys in their jurisdictions in cases where the advance tax payments or the returns filed for the previous period dont appear to be consistent with the growth in business and incomes, he added. 

We dont want to create a panic, Sinha said, but urged the media to help send out a gentle reminder to tax evaders that the tax department can be expected to carry out many more surveys in the next three months.

We are better prepared to conduct more surveys this year. The field formations, for instance, have been given 427 more vehicles extending their reach for conducting surveys, Sinha said.

The tax department is obviously encouraged by the rich dividend yielded by surveys conducted this year. In the last six months since July alone, surveys conducted by the department have resulted in the surrender of a total hidden income of over Rs 1,000 crore.

A surrender refers to the assessee conceding higher income when confronted with the result of a survey. In the whole of the last financial year, surveys were instrumental in the surrender of only Rs 212 crore.

The tax department, encouraged by the 42.5% growth in direct tax collections up to December 18, now estimates that actual collections would surpass the budgetary target for the current financial year by at least Rs 10,000 crore to reach Rs 2,20,000 crore.

This is a conservative estimate we have made keeping in view the many imponderables that may affect collections in the next three months, Sinha said.

On the expiry of the December 15 deadline for the third installment of advance tax payments by corporates, direct tax collections had swelled by  42.5% against the budgetary target of a 27.5% growth for the current financial year.

The tax buoyancy, riding on soaring corporate profitability and rising individual incomes, has been so good that revenue officials are excited over the prospects of direct tax collections actually fetching even Rs 25,000 crore over and above the target of Rs 2,10,419 crore.

The tax buoyancy is attributed to a moderate and stable tax regime that has encouraged voluntary tax compliance.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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