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 VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
« News Headlines »
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 Comparison of 10 tax-saving investments under Section 80C
 10 Income Tax-Saving Options Beyond Section 80C Limit

FM asks big spenders to watch out
July, 05th 2006

Says taxman will reach them soon

Over 6.6 lakh high networth individuals who made big-ticket purchases will do better to pay taxes in step with their transactions and file returns by July 31.

Warning that the taxman would reach every one of these rich people, finance minister P Chidambaram said,It was only a matter of time...in the next three, six or nine months.

According to the minister, about 65% of these people had not even bothered to reply to letters sent by the income tax department and some might have even concealed their identities. Thissmugness might turn out to be costly for them in the days ahead, he cautioned them.

Chidambaram said over 17.5 lakh high-value transactions (totaling over Rs 13 lakh crore) had been noted in the annual information returns (AIR) database.

Of the high networth individuals who dealt with such big money, 4.75 lakh had not even quoted their permanent account numbers (PAN), clearly suggesting either tax evasion or short-payment of tax.

The AIRs on seven defined large transactions are filed by third parties like banks, credit card companies and land registrars. These are assimilated in a computerised repository called the tax information network. Chidambaram said more items would be added to the AIRs, but only after making a good beginning on using intelligence already gathered.

CATCH YOU SOON!
FOUR-PRONGED STRATEGY

Identify the high networth individual
Ascertain if he has a permanent account number
Check if he has filed income tax returns for the year
See if transaction is reflected in the return filed by him

He, however, made it clear the government had no intent to harass high networth individuals if they filed returns.

But if they did not, the I-T department would find ways to reach them, he promised. Chidambaram said the department would adopt a four-pronged strategy to nail down those not complying, identify them, find out if they had PANs, ascertain whether they filed returns and see if they reflected transactions.

The minister said he was confident of meeting thestiff target to increase direct tax collection by 27.7% this fiscal. The target is pegged at Rs 2.1 lakh crore, up Rs 40,000 crore over the previous years. The target for arrears collection has been set at Rs 11,000 crore this fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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