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: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: empanelment :: VAT Audit :: TDS :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
« News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

Deals sans PAN under IT dept scanner
July, 27th 2006
The income tax department is tightening its noose on the high spenders who evaded mentioning permanent account number (PAN) in financial transactions. 
 
For FY 2004-05, the department detected 1,200 transactions involving Rs 100 crore wherein PAN was not quoted. 
 
These cases will be thoroughly investigated by the department and action will be initiated against the assessees if necessary, said Suprakash Lahiri, chief income tax commissioner (Vidarbha). PAN was quoted in 1,500 transactions involving a sum of Rs 400 crore, he said. 
 
Refusing to disclose the identity of the assessees, Lahiri said the savings account in 183 cases saw deposits of over Rs 10 lakh. Two individuals deposited more than Rs one crore in their savings account. One is from Saoner while the other resides in Pune but is assessed in the tax region of Nagpur, Lahiri said. 
 
An individual from Amravati used his credit card to settle bills amounting to Rs 39,32,700. 
 
Twenty eight assessees had paid more than Rs one crore each for investments in mutual funds (MFs). These include one Hindu Undivided Family (HUF). Four individual assessees also paid more than Rs 50 lakh each towards investments in MFs. The department recorded 658 cases in this category, Lahiri said. 
 
As per the provisions of section 285 BA of the I-T Act, 1961, any person who is responsible for registering, or maintaining books of account or other document containing a record of any specified financial transaction, under any law for the time being in force, has to furnish an AIR. 
 
National Securities Depository Limited (NSDL) has been authorised by the Central Board of Direct Taxes (CBDT) to receive such return on behalf of the Commissioner of Income -Tax (Central Information Branch).
 
 
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