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 :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: VAT Audit :: TDS :: due date for vat payment :: empanelment :: form 3cd
 
 
Direct Tax »
 Senior IRS officer Rajendra Kumar appointed new CBDT member
 Income tax raids continue on premises of three Chennai businessmen
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016

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 2016 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