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: VAT Audit :: cpt :: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: list of goods taxed at 4%
 
 
« News Headlines »
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31
 Tax numbers belie slowdown: FM
 Income tax (1st Amendment) Rules, 2017

Tax hounds snapping at the heels of evaders
March, 28th 2007

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

The department carried out the project on a pilot basis in the Capital, and now has a ready reckoner on a large number of tax evaders. The 360 degree profiling includes data on individuals spendings, investments and earnings using annual information returns (AIRs). The project has revealed that there are a large number of individuals who have made huge investments but are missing from the list of taxpayers and I-T return filers, an official said.

The department has found out that there are a large number of individuals who despite making huge investments have not filed returns, he said. The taxman will now knock the doors of these individuals.

Since the pilot project has given excellent results in the Capital, the 360 degree profiling will be expanded to other centres.

The I-T department is also setting up a cell to monitor collection of tax from individuals who are caught with huge disclosures. This data will be available to the intelligence wing. The data could include modus operandi of tax evasions, amount of undisclosed investments and undisclosed bank accounts. All entries will be given a unique identification number and can be accessed by the investigation wing throughout the country.

 
 
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