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 :: TDS :: VAT Audit :: form 3cd :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you
 Income Tax department activates e-filing facility for all ITRs
 All the income-tax return forms for the current assessment year are available online
 New GST – CONCEPT & STATUS – As on 01st May, 2017

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 2017 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