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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

Senior citizens & whose earning under Rs 10 L to be spared tax scrutiny
March, 15th 2011

Senior citizens and individual taxpayers whose gross total income does not exceed Rs 10 lakh will now not face the hassle of an income tax scrutiny. Finance minister Pranab Mukherjee has already announced in the budget that salaried taxpayers will not be required to file a return of income if their employer has deducted appropriate tax and they do not have any other income.

The government hopes these measures will help increase voluntary compliance. "Appreciating the concern of these taxpayers and with a view to mitigate their hardships, the Central Board of Direct Taxes has reviewed its scrutiny selection procedure," a CBDT statement said.

Senior citizens and small taxpayers filing returns on ITR-1 and ITR-2 will be subject to scrutiny only if the income tax department is in possession of credible information, it said.

Scrutiny of income tax returns is an important mechanism for ensuring taxpayer compliance and to counter tax-evasion. However, it has evoked some concern from small taxpayers and senior citizens about prolonged enquiries, the statement said explaining the rationale behind the move.

Selection of cases for scrutiny is also being streamlined to ensure that same cases do not figure year after year. The income tax department has undertaken intensive upgrade of its software and systems responsible for picking up cases for intensive scrutiny.

The CBDT has already exempt taxpayers from personal attendence if they are selected for scrutiny on the basis of a transaction reported in the annual information return. They can provide written reply in this case. At present, the department carries out scrutiny of up to 2% of the total number of tax returns. The computer aided scrutiny selection (CASS) system selects the cases at random based on parameters based on intelligence and annual information return.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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