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
Latest Expert Exchange
Direct Tax »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

CBEC to use annual information returns to detect tax evasion
February, 17th 2016

The Central Board of Excise and Customs has asked the Reserve Bank of India to file annual information return on remittances exceeding Rs50 lakh

The Central Board of Excise and Customs (CBEC) will now use the annual information returns to detect tax evasion. So far, this tool was mainly used by the income tax department to check for tax evasion.

In a notification dated 15 February, CBEC has framed the Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016.

To begin with, it has asked the Reserve Bank of India to file annual information return on remittances exceeding Rs.50 lakh made by a service provider based in India for receipt of services from overseas entities.

It has also directed state electricity boards to file annual information return with respect to manufacturing units such as producing beyond a particular threshold and consuming certain levels of electricity.

This will help CBEC in detecting any central excise or service tax evasion by manufacturing units and service providers respectively.

M.S. Mani, senior director, Deloitte in India, said in a note that the notification indicates that the government is looking to use the annual information return route to detect cases of service tax and excise evasion. “The information so provided will enable the government to compare the same with the information provided by assessees and unearth cases of evasion and incorrect declarations,” he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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