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 :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARDS :: empanelment
 
 
News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

Govt to match netas' I-T returns
January, 04th 2010

The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009 parliamentary polls.

Verification of the assets declared by the Lok Sabha candidates, many of whom have now become MPs and even ministers, will help the department to assess if they had paid appropriate taxes as declared in their statements with the two different authorities.

The finance ministry initiated the exercise after it found that many of the candidates had made astounding declarations in their affidavits to the EC while initial scrutiny revealed that some of them had paid paltry or no taxes. However, As many as 50% of the candidates in the 2009 LS polls had not furnished their Permanent Account Number (PAN), making it difficult for the department to ascertain the actual income of these people.

Despite this problem, the I-T department hopes to add revenue from many of these candidates whose wealth has seen astronomical growth in the past few years. Not having a PAN or not disclosing it for the purpose of evading tax could invite both scrutiny as well as penalty and prosecution in cases were evasion is proved. Although the penalty for not having PAN is just Rs 10,000, for tax evasion it could be as stiff as between 100% to 300% of the tax evaded.

The department will be scrutinizing of the I-T returns of all Lok Sabha candidates irrespective of whether they ended up winning or not. A letter from the Central Board of Direct Taxes (CBDT) has been circulated to all those MPs whose records are not available with the I-T department or whose PAN has not matched with the department's records.

Sources said the I-T department has asked the candidates to submit their last two years' income tax returns as well as those of their dependents whose names were mentioned in affidavits filed with the EC.

The details sought pertain to assessment years 2006-07 and 2007-08.

The letter said: ``A verification exercise is being carried out by the I-T department, ministry of finance, in respect of affidavits filled by you at the time of filing nomination for the general elections 2009.''

The department has sought to know with which ward or circle the candidates have been filing their returns and if their dependents, as mentioned in their affidavit, have also been filing their income and wealth tax returns.

For fear of being disqualified if statements made in the affidavits were to be found untrue when elected, candidates had made some astounding declarations. One candidate declared assets worth more than Rs 600 crore, while those having assets between Rs 100 crore and Rs 200 crore were found in dozens during the 2009 polls.

Sources said even those who have shown legitimate wealth would have to pay wealth tax on the current market value of their property at the rate of 1% of the value of the assets, barring those which are in the exempted category under the Wealth Tax Act.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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