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 :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: form 3cd :: cpt :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules

Now, CBEC forms teams to hunt for companies evading taxes
January, 28th 2015

On the lines of income tax surveys of entities suspected of evading taxes, the Central Board of Excise and Customs (CBEC) has set up as many as 40 audit commissionerates across the country tasked to audit accounts of companies and survey their other operations to detect any tax evasion.

The results of 'non-intrusive' audits are encouraging. "In the Chennai zone we have collected over Rs 130 crore in the previous financial year (2013-14) and this financial year up to December the additional tax mop up from undisclosed income was Rs 79 crore," said service tax commissioner, Sanjay Kumar Agarwal. Agarwal also holds the additional charge of the Large Taxpayers' Unit (LTU) in Chennai.

A list of tax evasion cases detected by the audit units nationwide was not available. Each of these commissionerates is headed by a commissioner-level officer and comprises of at least 200 officials in the ranks of inspector and above.

Two audit commissionerates have been created at LTU audit commissionerate at Delhi which will have jurisdiction over companies registered with LTU Delhi, Kolkata and Bangalore, while LTU audit commissionerate at Mumbai will have jurisdiction over companies registered with LTU Mumbai and Chennai. The LTU has also helped the revenue department in keeping tab on big corporates and activities of their front entities.

These audit commissionerates in the CBEC pick up cases based on third party information, intelligence gathered by the department and risk-based selection of units. They also have specialized manpower trained to look into sectors such as insurance, telecom, banking services and specific commodities, etc.

However, to make sure that its officials don't misuse the special audit powers, the CBEC has laid detailed guidelines where an assessee has to be informed in advance about the audit to be carried out at their unit and for making available all relevant documents and books of accounts. There is also a provision for monitoring committee meetings at the headquarter level.

So far, audit was carried out separately for central excise, customs or service tax. Now, with the formation of audit commissionerates, the CBEC has instructed officials to combine audit for all taxes and make it a comprehensive survey for units selected for audit.

The officers posted with these commissionerates are being trained in "compliance requirements under income tax, companies act, VAT laws to do a comprehensive and meaningful audit" as there are few manpower available having knowledge of all taxes. The CBEC has instructed its DG (Audit) to develop appropriate modules for training of these officers.

Setting up of the audit commissionerates are part of the cadre restructuring process of the department which started last October. More than 18,000 additional posts have been created, largely through internal promotions, as part of the restructuring. Around 1,000 of this will be Group A officers. This is likely to take the CBEC's strength from 66,800 to 84,800.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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