Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: cpt :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS
 
 
News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

Tax Dept to use identity-search software to prevent evasion
January, 28th 2008
The Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual defaulters.

In order to effectively manage the database of taxpayers, the Director General of Income Tax (Investigation) has invited bids from companies for developing a software, which can undertake identity search of taxpayers across the country.

The Department will use identity-search technologies to map the profile of tax payer, with all expenditure undertaken by them during the year. The exercise would also include matching of names, addresses, dates of birth and Permanent Account Numbers (PAN).

The software should be able to manage about four million records in PAN, around 1 million records from On Line Tax Accounting System and AST (assessment system) and about 4 million records of external data for each installation, the department said while inviting bids from companies.

The total data volume of taxpayers is expected to be between 10 and 20 million records in each installation, depending on the location, it said. The challenge the Department faces is to leverage this data successfully to build an integrated view of a taxpayer's data for carrying out its various statutory activities, it added.

The income tax department has already received clearance from the Finance Ministry last year to carry out comprehensive profiling of individual taxpayers for plugging revenue leakage and stamping out money laundering.

The comprehensive mapping of an individual includes matching data in annual information returns (AIRs) with records received from banks, credit card companies, mutual funds, stock market and property registrars.

The Department has already began the exercise to collect and analyse information about all financial transactions through banks and other financial institutions and checking expenditure of tax payers through credit and debit cards, property registration, hotel expenses and travel expenditure.

In addition, the Revenue Department has been collecting information about excise, customs, service and income tax paid by corporate for better tax assessment.

The proposed software will help the Income Tax Department to match these information against PAN numbers and prepare comprehensive dossiers of taxpayers.

The dossiers will be finally used by the income tax assessing officers to match the entries with the returns filed by taxpayers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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