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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: empanelment :: list of goods taxed at 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: VAT Audit
 
 
« General »
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961
 Do you have any question about tax filings? Now, chat online with income tax experts to clear your doubts

Study group on black money set up by Finmin
January, 31st 2011

Seeking to tackle the issue of black money in a proactive manner, the Finance Ministry has set up a study group to improve voluntary compliance and address the issue of revenue leakage by suggesting appropriate measures to motivate tax evaders to disclose their unaccounted income.

The decision comes in the backdrop of Finance Minister Pranab Mukherjee asserting last week that two groups had been constituted to look into different aspects of tackling black money, including a proposed amnesty scheme to unearth unaccounted wealth.

As per the statement of the proposal put forward by the Income Tax Department, Complexity and innovation in business structures, new financial products, a large number of taxpayers, growth in international trade supported by rapid expansion of e-commerce, and commoditisation of tax avoidance schemes are some of the factors leading to increased compliance risk for the tax administration.

The proposal added: It may not be possible for the Income Tax Department to address these risk factors through the traditional tools based on verification and enforcement action alone.

It said the challenge before the department was to ascertain the extent of compliance costs for different categories of taxpayers and develop focused programmes to reduce the compliance costs for improving voluntary compliance.

Curbing tax evasion

The Ministry's study group will devise ways to increase direct tax collections and suggest measures to curb tax evasion effectively in the changing business scenario, which includes curbing the generation of black money.

It will undertake a four-pronged approach to understand well compliance issues from the perspective of taxpayers.

The group is expected to make recommendations with respect to the operational decision-making process on the basis of views expressed by the affected parties, as well as facilitate participation in the tax system by all segments of taxable citizens.

It will also study the barriers to compliance as an ongoing programme and the compliance costs with respect to different categories of taxpayers on a periodic basis.

Revenue leakage

The I-T Department will study the extent of revenue leakage with clear identification of the activities and factors responsible for its growth, which will help it to optimise revenue mobilisation.

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

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