Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment :: TDS
News Headlines »
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide

Tax department to stiffen penalty on hidden cash
March, 03rd 2007

The move will encourage tax compliance amongst people and is not aimed at increasing tax collection
Tax authorities have given another incentive to pay your taxes on time. The department has decided to penalize those whose undisclosed income is found during searches, even if they own up and pay the tax.

A search operation is an income tax raid, where in tax authorities search for and confiscate undisclosed income.

This is a part of the Finance Bill, 2007 presented by finance minister P Chidambaram in Parliament on Wednesday. It says, The assessee shall be liable to pay by way of penalty, in addition to tax, if any payable by him, a sum computed at the rate of 10% of the undisclosed income of the specified year.

The amendment is set to take effect from Thursday and will apply to assessments made during the next fiscal after June 1, 2007.

Till now, the department had not imposed any such penalty on those who cooperated with them during search operations. The finance ministry hopes that the move will encourage tax compliance amongst people and is not primarily aimed at increasing tax collections.

What will it mean to you
Assessee shall be liable to pay penalty computed at the rate of 10% of concealed income
The department had not imposed the penalty on those who cooperated
Amendment in tune with the revenue dept drive to increase tax compliance
The amendment would be in tune with the revenue departments recent drive to increase tax compliance amongst people as well as to increase revenue collections. The department has also increased the number of survey operations and has found over Rs 1,000 crore of undisclosed income in this fiscal. In a related provision, the government proposes to substitute Sec 248 of the Income Tax to provide that where under an agreement or other arrangement, the tax deductible on any income, other than interest, under section 195 is to be borne by the person by whom the income is payable, and such person having paid such tax to the credit of the Central Government, claims that no tax was required to be deducted on such income, he may appeal to the commissioner (Appeals) for a declaration that no tax was deductible on such income.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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