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 :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 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
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it

IT upgrade to end I-T nagging: Tax scrutiny
January, 27th 2011

Income tax department is upgrading its system to ensure an assesse, scrutinised for a particular financial transaction, does not land in trouble the year after.

The income tax department has undertaken intensive upgrade of its software and systems responsible for picking up cases for intensive scrutiny. "We are upgrading the system," a senior Central Board of Direct Taxes official said.

Once the system is in place, a taxpayer who has undergone scrutiny for a large ticket transaction in an assessment year will not be investigated again when he puts those funds to use.

"The software will be able to make that distinction," he said adding that these measures were part of income tax department's initiative to minimise inconvenience to tax payers.

The CBDT has already exempted taxpayers from personal attendance if they are selected for scrutiny on the basis of a transaction reported in the annual information return. They can provide written reply in this case.

At present, the department carries out scrutiny of up to 2% of the total number of tax returns. The computer-aided scrutiny selection (CASS) system selects the cases at random-based on parameters based on intelligence and annual information return.

The Parliamentary Standing Committee on finance had asked the CBDT to intensify scrutiny as it helps it detecting tax evasion.

 
 
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 Portfolio

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