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: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: list of goods taxed at 4% :: VAT RATES
 
 
Indirect Tax »
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape

Income Tax finds Rs200 crore of unaccounted money in Hubli region
March, 13th 2014

The Income Tax (I-T) department traced Rs200 crore of unaccounted money suspected to belong to people involved in mining, transport and other such professions in Hubli region.Sources in the department told dna that a recent survey had also revealed that a group of civil contractors and hoteliers were found in possession of about Rs20 crore of unaccounted money.

"However, after issuing notice, the amount was surrendered for taxation," the sources said.

The Income Tax Department of Hubli region encapsulates mining hub Bellary, Dharwad, Gulbarga, Raichur, Bidar, Davangere, Haveri, Chitradurga, Shimoga, Gadag, Koppal and some parts of Uttara Kannada districts. However, district-wise break-up of the unaccounted money is unavailable. It is suspected that the mining industry is a major contributor to the unaccounted income.

When contacted, chief commissioner of Income Tax-Hubli, Pavan Kumar Sharma, confirmed finding Rs200 crore of unaccounted money and said the taxes calculated on the amount alone is about Rs40 crore.

"Further inquiries are in progress on these cases and the department will levy penalty and initiate prosecution if intentional concealment of money is detected. The prosecution proceedings have already started in six cases during this financial year," he explained.

As the sectors like mining, transport, agro industries, manufacturing, hospitals and domestic consumables are doing well this year, and the department is expecting good tax collection from them in the March installment of advance tax, "The taxes payments of all the top payers are being monitored by the department closely. We advise all assessees to estimate their income correctly and to pay the advance tax by March 15 as per rules to avoid any further legal proceedings for non-payment, less payment or improper staggering of advance tax installments," he stated.

He noted that some assessees defaulted their advance tax payments in the previous year and that the department is issuing notices to such defaulters and examining their case to impose penalty and initiate prosecution. "This year, the wealth tax liability of various assessees is being monitored. We have already identified few defaulters and issued notices to them, calling for their wealth tax returns. The exercise is being carried out for other assessees also," he informed.Hubli regional office has achieved 75% in tax collection by collecting Rs688.40 crore against target of Rs920.98 crore in the current financial year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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