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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company
 
 
« General »
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018
 High Court Allows Woman To File Income Tax Returns Without Quoting Aadhaar
 If tax status is no longer NRI, all your income is taxable in India
 Tax Benefits from Different Types of Loans under the Income Tax Act, 1961

Income tax dept to consider information on non-filers from 3rd party sources like banks
April, 27th 2016

Income Tax department will consider information received from third party sources like banks, law enforcement agencies and foreign tax authorities for determining non-filers of income tax.

The Central Board of Direct Taxes (CBDT) had set up a committee to recommend standard definitions of certain commonly used terms relating to direct taxes.

Defining "non-filer" of I-T for a given Assessment Year, the committee said it is "any person who is liable to pay any tax or file an I-T Return ... as per information available on record, but no such ITR for the relevant assessment year has been entered on the system".

The words 'information available on record' in the above definition would include information received from "departmental sources, third parties e.g. banks, financial intermediaries, law enforcement agencies, foreign tax authorities etc and information available in public domain".

The definition would help remove subjectivity and discretion at the level of tax officers in interpreting the same and would bring parity in categorisation of data for the purpose of reporting.

"The term 'information available on record' has been defined widely. Accordingly, it shall include information coming from foreign tax authorities, which is expected to start flowing under the terms of the MCAA on Automatic Exchange of Information signed amongst various countries worldwide, including India," Nangia & Co Managing Partner Rakesh Nangia said.

Further, the CBDT has definited the words "tax paid" as Advance Tax, self-assessment tax, taxes deducted/collected at source (TDS/TCS), tax paid against regular assessment, Dividend Distribution Tax (DDT) etc.

"Including DDT in the definition of tax paid, could be only to include DDT in the amount of tax collected by the Government from corporate taxpayers, so that a true picture of tax collection is drawn," Nangia said.

The definition would be adopted for the purpose of generating relevant statics as also for reporting to Parliamentary Committees and outside agencies, the committee said in the report.

"The recommendations of the Committee have been accepted by the CBDT with the directions that these standard definitions should henceforth be adopted for data generation and reporting purpose," the CBDT said.

It defined an assessee as any person who is liable to pay any tax, or in respect of whom any proceedings is pending under the Income Tax act, for an assessment year.

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

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