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: form 3cd :: empanelment :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: cpt
 
 
« News Headlines »
 How will goods and service tax impact state revenues?
 Tax officers can issue certificates to avoid taking TDS from NRIs
 India is second most complex tax jurisdiction
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017

Dear Sir, please file your I-T returns
June, 30th 2006
 

Have you missed the deadline for filing income-tax (I-T) returns? Dont worry, this time you may receive a love letter from the taxman, instead of a legal notice.

Humbled by the shortage of workforce and due to mounting workload, the income tax department has decided to choose the path of persuasion rather than taking penal action against defaulters.

There has been a marked shift in the I-T departments policy. Unlike the earlier practice of slapping notices, it now believes in sending simple letters to those who have failed to file returns on time. Letters are polite in tone and remind the taxpayer of his obligation.

The purpose of such letters is to encourage voluntary compliance, sources in the finance ministry said. While a letter is just a reminder, issuing a notice would mean initiating legal action against the defaulter. Once a notice is issued, the department is bound to complete the entire investigation process and reach a conclusion, an official said.

It is expected that such letters would induce a majority of taxpayers to react promptly. But this does not mean that the taxman has lost his teeth. It would now be even easier for I-T officials to identify such defaulters who deliberately miss the deadline. Such people will be identified and would be served notices.

According to the I-T department, there has been a massive gap between I-T assessees and the number of returns filed. While there have been 3.15 crore assesses in assessment year 05-06, only 2.62 crore returns have been filed. The department has to find details of 0.53 crore assessees.

The assessees had to file their returns by June-July 05. They could still file their returns up to March next year. Now they are at the mercy of I-T officials. The taxman can impose a penalty on them for the default.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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