Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: due date for vat payment :: TDS :: empanelment
News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 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

Income Tax department to scan tier-II cities to bring more people in tax net
May, 25th 2015

The Income Tax department has decided to train its scanner and pay special focus on tier-II cities like Jaipur, Surat and Lucknow among others, to bring more and more people living in these "progressive" cities under the tax net.

The new plan is expected to be set in action as early as next month and is part of the governments' recent directive to the taxman and its apex policy making body CBDT to bring in at least 25 lakh new assesses under the tax ambit every month.

The department, senior officials privy to the development said, "will unleash the power of its smart-technical intelligence and business computation databases to tap on these potential entities and ensure that the overall tax regime remains non-adversarial and non-intrusive while undertaking this task".

These strategies to "significantly expand the tax base" will be discussed threadbare as a key point by the top brass of the I-T department and Central Board of Direct Taxes (CBDT) during their two-day annual conference begining here tomorrow. Finance Minister Arun Jaitley will inaugurate the meeting held traditionally over the years.

"A trend analysis done by CBDT and other agencies point towards the fact that the tier-II cities have a very large untapped potential in terms of getting more individuals and entities to come under the tax paying bracket," the officials said.

These cities are seen as progressive on the revenue front. "The department has decided to undertake this task in a mission mode," a senior I-T officer said. CBDT Chairperson Anita Kapur had indicated the taxman's intention in this regard when she recently wrote to the field offices of the I-T department that the "number of existing income tax payers is low compared to the potential and the gap between the potential and the actual tax payers appears to be wider in the case of tier-II cities and towns.

"Considering the priorities of the government and the need to widen the tax base, a concerted and focused effort in mission mode is required.

"We have to strive for adding at least 25 lakh new assesses per month during the current financial year," Kapur wrote.

The tier-II cities include Surat, Nagpur, Lucknow, Vadodara, Jaipur, Pimpri-Chinchwad, Indore, Chandigarh, Gurgaon, Rajkot, Bhopal, Kanpur, Thane, Visakhapatnam, Faridabad, Kalyan, Navi Mumbai, Ghaziabad, Ludhiana and Nashik among others.

"These are some prominent cities and not the exhaustive list. There are about two dozen more such cities which will be foccused on," the officer said.

Officials said the department has decided to bolster its Non-filer Management System (NMS) which works to analyse all technical and physical databases of in-house and third-party information available with the department to identify people who have not filed returns even though they have carried out large-value financial transactions.

The government collected Rs 4,733.61 crore in taxes since 2013 till March this year because of the NMS-based special drive.

The officer said that while there is a big worry over the existing small taxpayer base of about 4 crore taxpayers, the government has also set a daunting target for the department to collect Rs 7,97,995 crore revenue during the current financial year, which is 14.66 per cent higher than the actual collections of Rs 6,95,988 crore during 2014-15.

"The government wants to usher in a number of social welfare initiatives for citizens but if the taxpayer base is such low numbers as it is today, big and ambitious goals cannot be achieved," the officer said.

I-T units working for assessment and investigation have been asked to play an active role in achieving these ambitious goal of tapping new taxpayers and avenues for revenue generation.

"Officers of these units have been asked to prepare strategy papers and presentations to suggest methods to achieve the new target set by the government during the conference keeping in mind the government's policy of a non-adversarial tax regime," the officer said.

CBDT Chairperson Kapur has already asked I-T field formations to "forthwith" focus their attention on this subject and "deploy and activate" their officers in achieving this herculean target.

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

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