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: empanelment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: cpt :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: form 3cd :: TDS
 
 
« General »
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners

Returns filing: Over 44-lakh high-value spenders on Income Tax department's radar
March, 05th 2015

In order to mop up a larger share of revenue before the end of the current financial year, the Income Tax department has identified over 44 lakh high-value spenders in the country who have not filed their returns till now.

A total of 44,07,193 non-filers for assessment year 2013-14 who are expected to file their tax returns by March 31, the closing date for fiscal 2014-15, are on the radar of the I-T department.

"Over 44 lakh filers have potential tax liabilities. The department expects them to file their I-T returns on time," a senior tax department official said.

High value transactions include purchases of expensive goods, purchase of immovable assets and big deposits in bank accounts among others.

The official added that failure to file returns or late filing will invite prosecution or penalty action by the I-T department and notices in this regard will "immediately" be issued to the assesses after the end of this month.

The taxman tracks high value spenders through its electronic data mining tools and it keeps track of each such transaction till the appropriate taxes are paid in this regard.

The department expects taxpayers, the official said, to file their I-T returns for AY 2013-14 and 2014-15 before the said time limit.

"Online filing of tax returns is the best option. However, a taxpayer can always go to a tax office, take help of a Tax Return Preparer or visit tax filing stalls which be held this month," the official said.

The department, in order to achieve the direct tax collection target, is undertaking all-round efforts to collect as much revenue as possible including undertaking steps to get good collection under the Tax Deduction at Source (TDS) category.

"TDS collections is less by about 50 per cent this time as compared to the last period.

According to figures of February, in 2013-14 financial year the growth under this head was 16.73 per cent while in the current fiscal of 2014-15 the growth percentage is just 7.84 per cent.

The CBDT, the apex policy making body of the I-T department, also asked the taxman to ensure that those assesses who have made "handsome" self-assessment tax declarations should be tapped to deposit it as advance tax so that the figures could be collated and reflected in this fiscal.

The budgeted target under the direct tax category is fixed at Rs 7.36 lakh crore for the current fiscal and as per the CBDT it had collected Rs 5,46,661 crore till January 23.

In order to ensure better TDS and Advance Tax collections, I-T officials have been asked to make on-spot visits to defaulting organisations and also interact with officials and individuals responsible under the established official mechanism in this regard, another tax department official said.

The official, however, asserted that the department was confident of achieving and even surpassing the budgeted tax target despite issuing large number of refunds.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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