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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: empanelment :: TDS :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
« News Headlines »
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 Comparison of 10 tax-saving investments under Section 80C

Lost of Rs 35,000 cr in income tax in 5 years
May, 25th 2010

Your city has lost income tax worth Rs 35,000 crore in the last five years.

This is because 11.4 crore pieces of information pertaining to unaccounted income collected by the Income Tax (I-T) departments Central Information Branch (CIB) was not sent out to the field officials concerned for further action.

The CIB gathers information from various sources, including municipal corporations, regional transport offices, banks, hotels, travel agents, airlines, mutual funds and Reserve Bank of India, about high spenders and investors and uploads the same on its computer network system.

The information is then automatically segregated by the system and disseminated to the

I-T officers who do assessment work or to the investigation wing of the department.

But the computer system has been non-functional in this regard since 2005.

It is true that for more than five years, the data of tax evasion material collected by the CIB wing was not allowed to be disseminated to the I-T officers concerned, confirmed A.C. Tejpal, director of Income Tax (CIB), Mumbai, through a written communication to Hindustan Times.

Moreover, the officers are not trained well in handling the system, resulting in information not being disseminated to the officers. But Shishir Jha, spokesperson for the Central Board of Direct Taxes, the apex body of the I-T department, rubbished Tejpals claim.

There is no such thing, Jha said.

As per a letter, dated May 10, written by Tejpal to the Indian Audit and Accounts Department, since 2005-06, the CIB has collected over 11.4 crore pieces of information (on unaccounted income), but of these only 2,247 information were disseminated to the officials concerned.

The letter mentioned that this information was disseminated in 2006-07 manually (despite the ban on manually transferring information), by copying the same on compact disks. As per the order by the finance ministry in 2003, manual dissemination of information is banned after complaints that some officials, who get possession of sensitive information, would threaten assessees and demand money.

The letter was written in reply to query raised by the Audit and Accounts department regarding collection and dissemination of information by the CIB office. Based on these 2,247 pieces of information, the CIB found unaccounted income of Rs 14,758 crore on which tax totals to Rs 5,000 crore.

Another letter, dated August 31, 2009, written by Tejpal to the Director General of Income Tax (Investigation), Mumbai, said that more than Rs 80,000 crore worth tax evasion material is locked up in the number of pieces of information which have not been disseminated.

This figure was from 2005-06 to 2008-09. Senior I-T officials said on an average, the figure would have increased to Rs 1 lakh crore until 2009-10.

On this amount (Rs 1 lakh crore), tax of around Rs 35,000 crore could be collected if the information was disseminated, an I-T official said, requesting anonymity.

The CIB Mumbai has been trying to get the computer network system handled by the Directorate of Systems of the I-T department in New Delhi rectified since 2005 to no avail.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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