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 :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: list of goods taxed at 4% :: form 3cd :: cpt :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TDS :: VAT RATES
 
 
« Direct Tax »
 RBI releases draft directions on hedging of commodity price
 Unexplained deposits in focus, taxmen ordered to go all out in the next three months
 Why India’s corporate tax rate should be cut
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category

Income tax body cancels leave as over 50,000-crore revenue still to come
March, 24th 2014

The Central Board of Direct Taxes (CBDT) has cancelled leave of all officials on tax collection duty and ordered 24X7 functioning of its offices till March 31 in order to collect the remaining revenue of over Rs. 50,000 crore before the end of the current financial year (2013-14).

The direct taxes target for FY14 is Rs. 6.36 lakh crore.

According to official data, as of March 20, the Income Tax Department needed to further achieve net collection of Rs. 50,204 crore before the ongoing fiscal year closes on March 31.

At a recent meeting with all the I-T Chief Commissioners and Directors General in the country, CBDT said in an order, "Assessing officers and Additional Commissioners, Commissioners and Chief Commissioners involved in assessment work and collection of taxes shall not leave their headquarters till March 31."

In case of an emergency, the CBDT directed, that the board member in-charge of respective I-T zones in the country will be the only authority empowered to sanction leave or any other sort of detachment of the concerned official.

The video conference was chaired by CBDT Chairman R K Tewari, who has taken over the top job recently.

"It is positively believed that the targeted direct taxes kitty would be achieved by March 31 as the growth trends till now have been encouraging and they are very positive," a senior official privy to the development told PTI.

"Everyone has been asked to tighten the belts. The department is also hopeful about the advance taxes payment."

CBDT, the apex body of the Income Tax Department, has also issued orders that all I-T offices will be kept open on March 29 (Saturday), March 30 (Sunday) and 31st (Monday).

All head offices of the department were open on Saturday, March 22 to take a final decision on all cases of penalty and compounding of offences which will bring in additional and long-awaited revenue.

"Close to 5,000 crore could be achieved from under this head," the official said.

Taxmen have also launched a number of searches and survey operations across the country to clamp down on cases of tax evasion which has resulted in a number of entities declaring their hidden incomes and remitting the money in government coffers.

The department is also pinning its hopes on potential non-filers as it had recently issued letters to 21.75 lakh such assessees across the country.

Through this non-filers detecting exercise, the I-T department collected over Rs. 1,900 crore in taxes with more than 5 lakh returns having been filed under the category.

An estimated 1,50,000 self-assessment tax defaulters were also detected during fiscal year 2013-14.

The department had initiated a business intelligence project, called Non-Filer Management System, in February, 2013, to identify PAN holders who have not filed their returns and about whom specific information was available in the department's electronic databanks.

Taxmen has already made it known that over 4 million high-spenders are under its scanner with plans afoot to check all potential evasion instances before the end of March.

According to data published by it, the department has information on 4,072,829 individuals who made cash deposits amounting to Rs. 10 lakh or more in their saving bank accounts in the current fiscal year amongst a host of other high-value spenders.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

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