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

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