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: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARD
 
 
News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Income -Tax department plans hi-tech measures to plug tax evasion
January, 17th 2011

The income tax department (ITD) is working on a strategy to identify "evasion prone sectors" of the Indian economy and the reasons behind tax avoidance, in order to plug tax leakage.

With this objective, the revenue authorities have proposed to constitute an expert group that will conduct a study on tax leakage and the measures to plug it.

The department is also vetting a proposal to set up a criminal investigation directorate, which will keep tabs on fund flow related to money laundering, narcotics, terror activities and will also develop business intelligence.

The ITD's Vision 2020 document states that the department intends to use innovative methods to supplement its traditional enforcement tools. The department has proposed "to ensure the integrity/ evidentiary value of digital data by following the best cyber forensic practices." The Vision 2020 document was released on January 5 by finance minister Pranab Mukherjee.

It spells out the vision, goals and challenges before the department.

The action plan of the Vision 2020 document proposes to upgrade current data mining and other initiatives for data warehousing solutions, in order to develop comprehensive business intelligence for just- in- time enforcement capability. There should be standard operating procedures for cyber forensic practices, including analysing and archiving digital data flow, the document states.

Further, the ITD wants to track all shady deals using the latest techniques of forensic/ phone interception and have a centralised data base, sources said. Business intelligence should be made available to the actual users on a real time basis, says the vision document.

The ITD is facing new challenges because of the proliferation of tax avoidance schemes and the complex structuring of transactions of multinational corporations. The document says that the challenges can be met by exchanging tax information at international fora and by setting up overseas units. The plan proposes the building of partnerships across government agencies to gather and share information and to work out uniform accounting/ reporting practices.

A conscious effort has to be made towards developing non- intrusive, targeted enforcement tools, it added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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