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 :: due date for vat payment :: articles on VAT and GST in India :: TDS :: VAT Audit :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

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 2017 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