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: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: form 3cd :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: due date for vat payment :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 You can make these 6 investments for tax-free income
 E-verifying your income tax return, find it here
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ

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