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: due date for vat payment :: ACCOUNTING STANDARD :: TDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit :: articles on VAT and GST in India :: empanelment :: cpt
 
 
« Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

CBDT committee on black money meets this week
June, 07th 2011

In the backdrop of the headline-making failure of talks with Baba Ramdev, the committee constituted by the government to examine ways to strengthen laws for curbing generation of unaccounted (black) money in the country is likely to meet this Thursday.

The committee, headed by Prakash Chandra, chairman of the Central Board of Direct Taxes, is to examine the legal and administrative framework on dealing with generation of money through illegal means. This will include some of the demands of Ramdev, such as declaring such wealth as national property, enacting/amending laws to confiscate and recover these and exemplary punishment against perpetrators. It is to give its report within six months.

The interim recommendations of a committee constituted by the Bharatiya Janata Party in 2009 had estimated the amount of black money to be between $500 billion and $1,400 billion. A current study by Global Financial Integrity estimated the present value of illicit money outflow to be $462 billion. The government has said all these estimates are based on various unverifiable assumptions and approximations. There are no reliable estimates of such money.

The government says it has a five-pronged strategy. It includes an appropriate legislative framework, joining the global campaign to track such money, setting up institutions for dealing with illicit funds, developing a system for implementation, and imparting skills to the personnel concenred. It has entered into pacts with three economic think tanks National Institute of Public Finance and Policy, National Council of Applied Economic Research and National Institute of Financial Management to arrive at an official figure.

As for the issue of tax scrutiny of the yoga gurus various wealthy trusts and their funding, a senior Central Board of Direct Taxes (CBDT) official told Business Standard the trusts operations were being conducted under Section 11 of the Income Tax Act and registered under Section 12A. He said the trusts were filing returns regularly, with the accounts having been audited. He said the department could act only if there was evidence of tax evasion or violation of registration conditions.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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