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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 Income Tax notification: Aadhaar-PAN linking must from July 1
 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

Govt creates elite unit to probe financial crimes
May, 20th 2011

Faced with a plethora of frauds and scams, the Finance Ministry has decided to set up a specialised wing to probe financial crimes like terror financing, money laundering and trail black money.

The specialised wing -- Directorate of Criminal Investigation (Income Tax)-- will be manned by hand-picked officers who are experts in financial and forensic investigations.

The I-T department, which has unearthed about Rs 30,000 crore blackmoney in the past two years, has begun putting necessary infrastructure for the new unit.

Finance Minister Pranab Mukherjee gave his approval for the creation of the new unit earlier this month and this has come as a 'shot in the arm' for the department which is currently probing some very high-profile and big-ticket financial transactions in the country and abroad.

This is on the lines of the action plan, called 'Vision 2020' unveiled by Mukherjee earlier this year.

The document, among other things, focuses on the department's efforts to unearth black money.

Under the provisions of the new Direct Taxes Code (DTC) which is set to replace the I-T Act by next year, the department, with the operationalisation of this elite unit, will have powers to investigate and summon for evidence on the lines of the Enforcement Directorate and the CBI.

The new unit will enable the department to deploy additional intelligence and investigation tools to detect and combat terror financing, money laundering, offshore tax evasion and other illegal trades which impact national security.

"The department has begun putting the infrastructure in place for the new directorate which will have enhanced powers than the present investigation and intelligence units of I-T.

"The new unit will function under the provisions of the Income Tax Act but will have additional resources to check terror financing and financial proceeds of crime," a senior I-T officer said.

The creation of the new unit comes in the backdrop of a new plan of action developed by the Finance Ministry for the I-T department keeping in view the multitude of financial scams in the country and ramifications of national security through illegal funding and Hawala dealings.

"Income Tax department intends to use innovative methods to supplement its traditional enforcement tools in order to reduce the tax gap during the strategic plan period 2011-15. A conscious effort will be made to move towards non-intrusive targeted enforcement tools," the 'Vision 2020' document of the department said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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