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: cpt :: empanelment :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES
 
 
News Headlines »
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months

Biometric PANs, individual profiling for tax compliance
July, 20th 2007

The income tax department has some hi-tech plans up it sleeves. From biometric PAN cards to 360-degree profiling of individual tax payers, finance minister P Chidambaram announced a slew of measures being planned by the government to keep a closer and tighter watch on taxpayers.

The income tax department was at present deactivating duplicate PAN cards and once this exercise was over, it would start issuing biometric PAN cards, Chidambaram told reporters today after inaugurating the national conference of Chief Income Tax Commissioners here.

The ministry is hoping to introduce iris-based biometric PANs to all new applicants for checking duplicate cards and better tax compliance. The process could start as soon as October. Existing PAN cardholders would be encouraged to switch over to biometric PAN cards, he added.

The income tax authorities also plan to unveil a new and comprehensive system for taxpayer profiling. Being run as a pilot project in Delhi, the integrated tax profiling system, gives a 360 degree picture of taxpayers, Chidambaram said. It had helped detect some important tax evasion cases and would now be introduced in major commissionerates of the country, he added.

The system compiles information on taxpayers from a number of sources such as annual information reports (AIRs) regarding bank accounts, credit cards, investments in mutual funds and the share market and purchase of property to investigate tax evasion and uses it to produce a financial profile of individuals.

The finance ministry is also emphasing on the complete computerisation of the I-T department. E-filing of returns for tax deducted at source (TDS) is likely to be launched this fiscal.

E-payment of TDS will begin for corporates and those under section 44AB from January 1, 2008.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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