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
Latest Expert Exchange
General »
 Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute
 GST, infrastructure status drive PE investments in warehousing
 Taxman should move towards limited scrutiny
  Government likely to withdraw tax notice on free banking services
 GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting
 IT department cautions TDS deductors against quarterly filing default
 The notification said start-ups approved by an inter-ministerial panel are exempted from the tax which is levied on firms issuing shares to investors above their fair value, treating it as income from other sources
 Why you need to sort out your tax-residency status
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T 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 2018 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