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: list of goods taxed at 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: due date for vat payment :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

Liar, Liar! Taxman is on fire
July, 17th 2006

NEW DELHI: The hex of tax may be again tailing the top dogs of India Inc. Taxmen believe that most assessees who show a near-Rs 10 lakh annual income are often hiding far more than what they reveal. So, CEOs, big honchos, directors of big-bottomline companies, gear up. In one fell swoop, the I-T department, in an effort to deepen collections, may put under the scanner those who have filed returns showing Rs 8-10 lakh income during the last 2-3 years.

Returns to be matched with financial growth and other business details of co
Special emphasis on estimating whether FBT has been deducted properly
For this, TDS wing may do limited surveys

In India, less than one lakh file return of Rs 10 lakh and above, giving the tax sleuths a big headache.

The crosschecking of returns would mean matching tax returns with financial growth and other business details of the company.

For other salaried executives, special emphasis would be given on estimating whether the fringe benefit tax has been deducted properly. For this, the TDS wing may do limited surveys.

For FY07, taxmen have been told to increase the number of assesses in the Rs 10-lakh bracket by 50%, a target introduced last year. For those having an annual income above Rs 5 lakh but less than Rs 10 lakh for three consecutive years, the department has decided to satisfy itself with increased scrutiny, department sources said.

Since annual information return (AIR) has thrown up a huge information base, from which the department is corroborating and creating a PAN profile of assessees in high income bracket, the scanning is expected to come in handy. Some of the surveys may be taken up based on such available information.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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