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
Latest Expert Exchange
News Headlines »
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling

I-T may not see raid on jewellery
July, 13th 2006
CBDT wants seizure of jewellery during I-T searches to be stopped. 
 
Women may soon heave a sigh of relief from their jewellery being seized during raids by the income tax department. 
 
The Central Board of Direct Taxes has proposed to the finance ministry that seizure of jewellery during searches be stopped. Instead, a bank guarantee of an equivalent amount with an automatic periodical renewal clause should suffice, the board has said. 
 
The suggestion was made at a meeting held between the finance minister and the CBDT last week. 
 
While this could remove the fear of indiscriminate seizure, the board also suggested certain measures to ramp up investigations based on an internal committee report in May 2006. 
 
The board has decided to convert the central intelligence bureau (CIB) of income tax as the directorate of intelligence under investigation. 
 
The directorate will collate information both from internal and external sources in a structured format to be used for tax deepening and widening purposes. 
 
Permanent account number (PAN) is one significant data which the directorate will maintain and monitor. The provisions of Section 272B of the IT Act will be amended to empower the CIB to levy penalty in the event of violation in furnishing PAN data to the relevant authorities. 
 
According to official sources, the tax return will be redesigned to include both a statement of high-end value transactions and a statement of affairs in case of individuals deriving income from business and operation. 
 
These statements should be furnished in the electronic format to facilitate processing of information digitally and matching the information coming from other sources. 
 
The internal committee was formed in 2005 with the terms of reference for examining the issue of high-value transactions covered by the CIB, modification of existing the CIB code, and the manner in which Form 60/61 collates date. 
 
The other areas included developing database of important economic activities like educational institutions, private hospitals and nursing homes, exploring new areas of work as information under securities transactions tax and finally, formulating the role of CIB in handling annual information return.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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