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: empanelment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: TDS :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit
 
 
Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

1 lakh entities face I-T action as clean money drive gains pace
May, 17th 2017

On the trail of tax evaders in the wake of demonetisation, income-tax authorities have identified 1 lakh “high-risk entities” against whom they plan to take strict enforcement action.

On Tuesday, the Central Board of Direct Taxes (CBDT) announced the second phase of the government’s Operation Clean Money, saying options including verification, search, survey and scrutiny would be explored to ensure that these entities pay their dues.

Additionally, the CBDT has identified 3.71 lakh new accounts of 1.58 lakh taxpayers who made partial declaration of accounts or amounts in their earlier responses.

Finance Minister Arun Jaitley said the impact of the November 8 decision last year to demonetise high-denomination currency notes had enhanced digitisation, increased tax collection and the number of assessees and also instilled the fear of dealing in cash.

“As many as 91 lakh additional returns were filed in 2016-17. This will increase further,” he said, adding that voluntary compliance had increased because the anonymity of cash had ended.

Following demonetisation, the number of online income-tax returns filed has also increased by 22 per cent to 5.28 crore.

Gross tax collections also jumped 16.9 per cent — an additional ?1.46 lakh crore. Similarly, the allotment of Permanent Account Numbers also increased multi-fold.

In January, the CBDT had launched the first phase of Operation Clean Money, with the Board identifying 17.92 lakh people whose accounts saw suspicious cash deposits during demonetisation. It had then sent online verification queries to these people.

“Over 9.72 lakh taxpayers submitted their response electronically by May 12. These taxpayers have provided response for 13.33 lakh accounts involving cash deposits of around ?2.89 lakh crore,” the CBDT said in a statement. No further action will be taken in cases where a satisfactory explanation had been proffered, it added.

“We engaged two data analytics companies who examined the profile of identified taxpayers and determined their risk,” said CBDT Chairman Sushil Chandra, at the launch of the department’s new portal, Operation Clean Money. The CBDT plans to use the new portal for a targeted campaign, including emails and text messages for the medium-risk entities.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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