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: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd :: cpt :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

FM warns HNIs over concealing high-value buys
July, 05th 2006
In a clear warning to those concealing high-value purchases, finance minister P Chidambaram on Tuesday asked them to pay up taxes and file their returns by July 31 or face action from the tax authorities.

My advice to all those who have made large transactions like buying property of over Rs 30 lakh or bought mutual funds or made credit card payments exceeding Rs 2 lakh in a year is to please file tax returns before July 31, he said.

The minister made the statement after the inauguration of the two-day annual conference of chief commissioners and director generals of income-tax.

Pointing that the department was armed with data garnered from the annual information return (AIR) process, he said all names churned out would be reached, sooner or later.These are not poor, lower middle class or salaried people. These are high net worth people. If not today, in three, six or nine months, the income-tax people will reach them, he said.

AIR has brought to fore 17,52,652 high value transactions involving 6,60,000 separate parties. Of these, only 1,84,980 parties have quoted PAN numbers, he said.

The remaining 4,75,019 parties were without PAN numbers. Acknowledging that there may be some overlaps, the minister said it was in the interest of these over 6 lakh parties to file their returns before the due date of July 31.

Observing that direct taxes collections were growing at an average rate of about 25% over the last two fiscals, he said the government was targeting a growth of 27.7 % this fiscal. On the borrowing programme, he said the target of Rs 1,52,856 crore set for the current fiscal year would not be exceeded and exuded confidence that direct tax and fiscal deficit targets would be met.

The finance minister said the draft of the new income-tax should be ready this month after which it would be sent to the law ministry. The government had notified borrowing of Rs 9,000 crore on June 22, which was Rs 4,000 crore more than the original schedule in a bid to suck out excess liquidity and for cash management purposes.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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