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: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: form 3cd :: due date for vat payment :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 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

Pay up taxes or face consequences: FM
July, 05th 2006
Serving an ultimatum to people making high-value purchases, Finance Minister P Chidambaram asked them to pay taxes and file returns before July 31, failing which Income Tax department would get at them.

Armed with Annual Information Returns, Chidambaram said the tax department will "pursue every single person whose names are thrown up by AIR... sooner or later they will be reached."

"My advice to all those who have made large transactions like buying property over Rs 30 lakhs, buying mutual funds over Rs 2 lakhs in a year or credit card payment exceeding Rs 2 lakhs yearly, please file tax returns before the last date of July 31," he told reporters after inaugurating the two-day annual conference of Income Tax Chief Commissioners and Director-General.

"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, Income Tax people would reach the parties," he said.

He made it clear there would be no harassment by the tax department if they file returns. But if not, "let me say the Income Tax department will find ways to reach them."

Reeling out statistics, Chidambaram said 17,52,652 high value transactions have been reported under AIR. Of 6,60,000 separate parties reported, only 1,84,980 parties have quoted PAN numbers.

The remaining 4,75,019 parties are without PAN numbers, he said, adding that there may be some overlaps, but it is in the interest of these over six lakh parties to file their returns before the due date of July 31.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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