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: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: VAT Audit :: form 3cd :: due date for vat payment :: VAT RATES :: cpt :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« General »
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court
 Taxes under GST 'to increase a bit', says CBEC Chairman

Verify online deposits made post demonetisation, income tax department asks taxpayers
February, 03rd 2017

The Income Tax department has asked taxpayers to verify online the deposits they have made in their accounts post demonetisation and respond to queries of any mismatch.

The department is using data analytics for comparison of deposits made after the November 8 decision+ to scrap high-value banknotes with information in its database to identify taxpayers whose cash transactions do not appear to be in line with the tax-paying profile.

With a view to avoiding undue harassment+ , it has now enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources.
To help taxpayers, it has now brought out a user guide.

The information on cash deposits is now available for online verification "in the e-filing window of the PAN holder (after log in) at https://incometaxindiaefiling.gov.in ", the user guide said.

The cash deposited in an assessee's account can be verified using the link 'Cash Transactions 2016' under 'compliance' section of the website. "The details of transactions related to cash deposits made during 9th November to 30th December 2016 will be displayed," it said.

The taxpayer needs to confirm that the bank account relates to his PAN. In case the account does not relate to the PAN, a suitable option can be selected and information will go to the tax department.

If the account belongs to the PAN holder but the value of deposit is incorrect, a correct entry can be submitted online.

The website also provides for the taxpayer to explain the source of cash deposit digitally without visiting the income tax office, it said.

The user guide says the taxpayer is required to give details if cash is claimed to be withdrawn from the bank account. Details should also be mentioned if the cash is received from other persons in the form of cash sales, loan, gift or donations.
In case the cash is claimed to be out of receipts exempt from tax (agricultural income etc but excluding cases of gift and donation), further details can be provided under remarks.

"If receipts exempt from tax are not in line with the taxpayer profile or other available information, the case may be selected for verification based on risk criteria," the user guide said.

If cash is claimed to be out of earlier income or savings, further details can be provided under remarks. If this information is not in line with the taxpayer profile or other available information, the case may be selected for verification based on risk criteria.

The tax department will select some cases for verification based on risk criteria. "If the case is selected for verification, request for additional information and its response will also be communicated digitally (either by e-mail or SMS)," the guide said.

Income Tax Department is irrelevant in a country that does not pay INCOME TAX. DISBAND IT DEPT AND LEAVE US ALONE.WE PAY ENOUGH TAX VIA CESS, SALES, EDU, SERVICE .. TAX TAX

SEE ALL COMMENTSADD COMMENT

The response of taxpayer will be assessed against available information and in case explanation of source of cash is found to be justified, the verification will be closed without any need to visit Income Tax office.
If cash deposit is declared under the tax amnesty scheme, PMGKY, the verification will be closed.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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