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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS
 
 
« News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

One in three big deals does not quote PAN
June, 20th 2006

News

20th June, 2006

One in three big deals does not quote PAN

The finance ministry's move to track non-filers or tax evaders through measures like filing of annual information returns (AIR) appears on target.

Of the over 18 lakh transactions captured under these returns last year, a whopping six lakh did not quote a permanent account number (PAN).

We sent letters to all those people whose transactions were not accompanied with a PAN. We have received some responses and we are planning to send a second round of letters to those who have not sent in their response, said a ministry official.

Officials said the annual information returns would help increase the number of tax-payers, also an objective behind the introduction of the measure.

Since we are creating individual profiles of tax-payers, details of the transactions will be used and collated with the profile of the individual tax-payer. From next year, we will also be able to analyse the number of non-filers from the AIR, they said.

This year, the information captured under the AIR would be used to select cases for scrutiny, using the Computer Assisted Scrutiny System (CASS).

While CASS would be implemented in 60 cities this year, its coverage would be extended to 410 cities next year, the officials said, adding that the department aimed to scrutinise at least 2 per cent of the total returns this year.

The annual chief commissioners conference on July 3-4 would deliberate on the new transactions to be included under the AIR.

Finance Minister P Chidambaram had indicated in the Budget that more transactions would be included under the AIR. The conference would also discuss measures to implement suo motu granting of PAN.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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