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: due date for vat payment :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARDS :: form 3cd :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Filing income tax return to become simpler from next month
 Here's why that big tax refund isn't great news for you
 Filing tax returns to be less painful as government simplifies ITR forms
 Here’s how the new tax provisions will impact you in 2017-18
 Income-tax (3rd Amendment) Rules, 2017
 How you can save tax in the last 2 days of current FY
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of

Invoice tweaking may land you in jail
February, 13th 2007

The party may be soon over for those who have been over or under invoicing goods under Customs.

Misrepresenting the actual transaction value of imports or exports will soon become punishable on par with terror funding under the Prevention of Money Laundering Act (PMLA).

The government is likely to carry out necessary amendments to the PMLA in this regard and a Cabinet note is likely to be circulated soon, sources told ET. Under-invoicing is usually done by importers to reduce the duty incidence. Over-invoicing, on the other hand, is carried out by exporters to corner export benefits. Under-invoicing is rampant in products where duties are still very high like edible oils.

The government runs a large number of export promotion schemes. Often, over-invoicing is done to obtain increased benefits under these schemes. Money laundering implies converting illegitimate money into legitimate money. Globally, money laundering activity is carried out by criminals associated with drugs or arms trafficking or terrorism.

These changes in the PMLA are being carried out to make India compliant with the Financial Action Task Force (FATF) on money laundering.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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