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: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: cpt
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

I-T department brings 12L more into tax net
February, 01st 2016

The income tax department has brought nearly 12 lakh additional taxpayers into the tax net, helped in large part by a special intelligence tool it had started using a few years ago to track high-spending individuals who were not filing returns.

For the assessment year (AY) 2014-15, at least 11.77 lakh people filed returns after the I-T department served notices after coming to know of their taxable income. To identify such defaulters, the department tracks data of bank statements, property purchases, shares and equity transactions, credit card expenditure and foreign travels.

SEE ALL COMMENTSADD COMMENT

The cases of the 11.77 lakh taxpayers who filed returns for AY 2014-15 have been closed after their information was sent to regional I-T officials and assessing officers to keep track of their records in future.

The Central Board of Direct Taxes, the administrative authority which controls the I-T department, had last month notified fresh amendments making it mandatory to quote PAN for cash transactions at hotels or on foreign travel exceeding Rs 50,000, purchase of jewellery worth over Rs 2 lakh and property transactions of Rs 10 lakh and above. Any false declaration of PAN can now land an individual or a company executive in prison for up to seven years with a fine.

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

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