Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | 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
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: VAT RATES :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: cpt
 
 
« News Headlines »
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C

I-T to scan for cracks in returns
July, 26th 2007
Listed companies which have been scaling new highs thanks to the stock market boom may now need to be a little more careful about their income-tax payments. The income-tax department is planning to scrutinise tax returns of the NSE 500 and BSEs A group, comprising over 100 companies. This comes at a time when the stock market is booming and market cap of most blue-chip companies is at a new high.

Also, stock brokers whose brokerage income is more than Rs 1 crore will have to face scrutiny. Similarly, brokers who have claimed bad debts of Rs 10 lakh or more are set to come under the tax departments scanner. This is part of the action plan sent out to field formations for 2007-08 to increase tax collections.

The action plan says all corporate entities that have witnessed a fresh capital infusion of more than Rs 50 lakh could find the department looking more closely at their books. Besides, companies that claim tax benefits under Section 72A of Income-Tax Act also need to make sure they have paid taxes honestly.

The section allows companies that have undergone an amalgamation or merger to set off losses against profits and lower total tax liability. All non-banking financial companies or investment companies having a paid-up capital of more than Rs 10 crore are also set to come under the departments lens.

The Central Board of Direct Taxes (CBDT) has prepared an elaborate action plan for the year and there is an increased focus on scrutiny. Scrutiny of income-tax returns helps the income-tax department unearth hidden incomes and raise more by way of tax.

There is an increased focus on scrutiny as it is the core function of the department. Field formations may be asked to increase scrutiny in line with the hiked target of 2.5% of total returns, a source said. At present, only 2% returns are selected for scrutiny.

It may also be noted the Parliamentary Standing Committee on finance had asked the CBDT to intensify scrutiny as it helps in detecting tax evasion. The income-tax department now uses details of transactions revealed in the annual information returns in carrying out scrutiny.
 
 
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