Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: VAT Audit :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT RATES
 
 
News Headlines »
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid

Tax board charts out plan to curb PAN fraud
July, 13th 2006

Self-attested PAN photocopy for business deals to relevant authorities. 
 
The Central Board of Direct Taxes (CBDT) has decided to make mandatory the submission of self-attested photocopy of PAN for business transactions to the relevant authorities. 
 
The objective behind the move is to check the malpractice of furnishing wrong permanent account numbers (PAN) in such transactions. 
 
Under rule 114 C of the Income Tax Act, parties involved in such transactions include banks, post offices, registrar of properties, stock markets, investment banks, broking firms and authorities for installation of telephones. 
 
In a recent meeting held with chief commissioners and director generals across the country, it was decided that Form 60/61 used for collecting assessee information will be redesigned. The software is also being reworked for effective collation, especially from assesses not having PAN numbers. 
 
It has been found that out of a total of 84,000 assesses entering into high-value transactions in Mumbai, the department has information only about 35,000 individuals. The rest are effectively out of the tax net. 
 
In a related development, as part of the Kelkar committee recommendations, the income tax department will set up electronic data interchange (EDI) with banks, stock exchanges, telephone companies and regional transport authorities, among others. 
 
The department has found gross misuse of tax breaks by assesses while claiming deduction under Section 10 A of the Act which pertains to free trade zone. Misuses have also been reported with regard to claims for deduction under Section 10BA that relates to export of handmade articles or things of artistic value using wood as main raw material, and deduction under 80IA with respect to profits from industrial undertakings or enterprises engaged in infrastructure and profits out of export business. 
 
Under infrastructure undertakings, 65 surveys were conducted which led to a detection of undisclosed income of Rs 233.18 crore earned from developing and housing projects. 
 
All builders of commercial and residential projects and corporate and non-corporate assesses who have infused fresh capital in their respective ventures will now form part of the scrutiny assessment for the income tax department. 
 
In its new guidelines for scrutiny assessment for the year 2006-07, the CBDT has directed the department all over India to compulsorily put the returns filed by the builders who finalise their accounts under the project completion method for scrutiny. Scrutiny assessment refers to the rigorous examination of the returns filed by these companies or entities. 
 
Both corporate and non-corporate assesses who have infused fresh capital into their projects will also come under scrutiny assessment but the floor for assessment is above Rs 1 crore in metropolitan cities and in Hyderabad, Pune, Bangalore and Ahmedabad. For other cities, the scrutiny for non-corporate assesses will take place if the capital infusion is above Rs 10 lakh and Rs 50 lakh for corporate firms. 

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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