Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TDS :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4%
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

I-T 'boom': Rs 306 cr detected
April, 07th 2009

The economic downturn has apparently not affected the hidden income of people in the region. If anything, it seems to have increased it many times. Income-tax department claims to have detected undisclosed income amounting to Rs 306 crore during 2008-09 from UT and nearby areas.

The figure is nearly 400% of the Rs 80.60 crore detected in 136 I-T surveys of financial year 2007-08.

Officials said I-T department had registered an increase of 23.09% in tax collection from Chandigarh region and some parts of Patiala district. Detection of undisclosed income has also helped in increasing the number of assessees from the region, claimed income tax officials. Rs 2,438 crore were collected as income tax from the region as opposed to Rs 1,976.40, which was the target set for 2008-09, said official sources. Commissionerate of income-tax I and II (CIT-I and II) covering Chandigarh, Mohali and Zirakpur conducted the surveys, said north-western regions chief commissioner of income tax PK Chopra.

We collected Rs 10,275 crore as income-tax from the states of Punjab, Haryana, Himachal Pradesh and Chandigarh. Our target for the financial year was Rs 9,316 crore, he added. Chandigarh regions CIT-I GS Randhawa and CIT-II AK Kaushal headed 99 I-T surveys during the financial year ending March 31, said sources.

Major detections in the region were made during surveys of documents belonging to promoters of Zirakpur-based mall Paras Downtown, Preet Land Promoters and Developers, Alchemist Group, Hanumant Builders and JCB Group. Most of the surveys were carried out during the months of February and March. Income Tax department raids in Panchkula also led to detection of massive evasion. The raids targeted builders including AP Group and Motiaz Group. Premises connected to Devi Dayal Group of Colleges were also raided.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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