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 :: form 3cd :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
« News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 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

Taxhounds may be set hunting goals
June, 08th 2007
Tax evaders should brace themselves for tough times as the department plans to intensify scrutiny of I-T returns. The aggressive mood of the taxman is evident by the fact that 294 warrants have been executed in the first month of the fiscal, a 170% jump over the same period of the previous year.

The Central Board of Direct Taxes (CBDT) is planning set a target for field formations for carrying out scrutiny. Every assistant commissioner will be asked to scrutinise 20 cases in a year. This is the core function of the department that helps in realising higher revenues, hence the increased focus, a government source said. At present, only 2% of the returns are scrutinised and officials do not have fixed targets. Scrutiny is now attracting more attention as it helps the department unearth concealed income.

It may be noted the Parliamentary Standing Committee on finance had asked the CBDT to intensify scrutiny. The tax department now uses details of transactions revealed in the annual information returns in carrying out scrutiny. The data on high-value purchases such as plasma TVs could also be used during scrutiny to match income and expenditure of individuals with their tax returns. Scrutiny procedures could be made more stringent to improve the quality. With the department facing acute shortage of manpower, concern has been expressed about the quality of scrutiny.

The scrutiny for the assessment year 2005-06 has to be completed by December 31, 2007.

Similarly, there seems to be increased focus on searches and seizures. The aggressive mood of the department can be adjudged with the total amount of seizures in the first month of the fiscal at Rs 33.09 crore. This is against Rs 23.52-crore seizures in April 2006.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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