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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: cpt :: list of goods taxed at 4% :: empanelment
 
 
« General »
 Filing ITR just got easier for salaried class with CBDT's one-page form
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956

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