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 :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment
 
 
General »
 DHFL loan to Manpreet Estates under tax scan
 Council acts to ease cascading tax impact on petroproducts
 Income Tax comes a cropper tracking shell firms
 Income Tax returns: Is rental income from property taxable in hands of homeowners?
 Tax department to engage with corporates to spur receipts
 Furnish Form 67 to claim foreign tax credit in India tax return
 GST: Commerce ministry to write to finance ministry over trademark rule
 GST: Govt issues clarification to address service tax issues, misses key concerns
 How to file LUT/Bond for SEZ units under GST
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand

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