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
Direct Tax »
 No new changes in online ITR forms, says CBDT
 Will income tax filing deadline be extended from July 31?
 Traded in futures and options? You must use ITR-3 to file tax return
 4 reasons why deadline to file ITR needs to be extended this year
 ITR filing: Prefilled ITRs now available for all individuals
 How to arrange for tax money if you don’t have adequate funds Income Tax Return 2019
 Nature of income can determine rate of TDS charged
 Section 194A – TDS on interest other than interest on securities
 File Income Tax return before last date and avoid these consequences ITR filing
 Claiming tax refund in your ITR? Don't forget to pre-validate your bank account
 Section 193 – TDS on Interest on Securities

Mismatch between ITR and service tax return comes under greater scrutiny
April, 09th 2019

The revenue department has asked tax officials to scrutinise the mismatch in services turnover numbers provided by businesses in income tax returns and service tax returns for 2015-16 and 2016-17 fiscals.

Central Board of Indirect Taxes and Customs (CBIC) Chairman P K Das in a letter to field formation stated that there was a considerable gap of ?12 lakh crore between the turnover on account of services as per the ITR/TDS (tax deducted at source) data and the value of services declared in the corresponding service tax returns for fiscal 2015-16.

Mismatches were also noticed for the financial year 2016-17, for which data is being shared with the field offices.

"... the sheer magnitude of the mismatch is a pointer to the possibility of revenue leakage which cannot be ignored," Das said, asking the tax officers to quickly verify the data and report it to the CBIC.

The mismatch in ITR and service tax returns has come to notice in respect of permanent account numbers (PANs) that are either not at all registered under service tax or PANs which are registered but did not file the service tax returns.

In some cases, there is a value mismatch between the turnover declared in ITR or TDS and the service tax returns.

Service tax was subsumed into the goods and services tax (GST) with effect from July 1, 2017, and the period under scrutiny is the last two financial years before the new indirect tax regime was rolled out.

Net service tax collections during 2016-17 stood at ?2.54 lakh crore as compared with ?2.11 lakh crore in 2015-16.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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