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 :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: empanelment
 
 
« News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

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