Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: 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 :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARDS :: empanelment :: form 3cd :: VAT RATES :: TDS
 
 
« News Headlines »
  I-T department asks taxpayers to update their information on e-filing portal
  How to check income tax refund status
 GST panel to consult MSMEs in October end to further ease tax rigour
  How to check income tax return status
 Been Served a Notice by the Income Tax Department? Here’s How You Can Respond
 Seeks to amend the CGST Rules, 2017 - 45/2017 - Central GST (CGST)
 Government provides clarity on tax rate
 Processing of returns in Form ITR-I under section 143(1) of the Income-tax Act, 1961
  Filing of Reconciliation return in form 9 for the year 2016-17
  Today is last date for filing GSTR-1 forms for July; govt rules out further extension
 Today is last date for filing GSTR-1 forms for July; govt rules out further extension

I-T zooms in on evaders with big investments
March, 26th 2007

Making huge investments and not paying tax or filing returns? Heres bad news for you. The income tax department has a 360-degree profile of such tax evaders ready and is all set to nab them.

The department has carried out project on a pilot basis in the Capital and has a ready reckoner on a large number of evaders. The 360-degree profiling includes data on an individuals spending, investments and earnings using data from annual information returns. The pilot has revealed that there were a large number of individuals who had made huge investments but were absent from the list of taxpayers and income tax return filers, an official said.

Despite the increase in filing returns, the department found out that there were a large number of individuals, who despite making huge investments, had not filed returns.

Since the pilot has given excellent results in the Capital, the 360-degree profiling will be expanded to other centres. The profiles have been created using the information received from the annual information returns through a search engine. The 360-degree profiling was also highlighted at the recent meeting of the directors-general of investigation.

The department is also creating a cell to monitor collection of tax from the individuals who were caught with huge disclosures. This data would be available for use by intelligence wing. The data could include the modus operandi of tax evasion, amount of undisclosed investments and undisclosed bank accounts.

All entries would be given a unique identification number and could be accessed by the investigation wing through out the country. This would streamline the use and maintenance of such kind of information as there have been instances where in an evader is found to be operating out of various cities.

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

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