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 STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES
 
 
Direct Tax »
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return
 Businesses can file returns, pay taxes for July on GSTN portal
 Direct tax collection rises fastest since 2013-14
 The ‘statutory’ requirement problems of income tax returns
  CBDT signs 9 advance pricing pacts with taxpayers in July
 Which ITR form to use for Income from salary, capital gains?

CBDT relaxes scrutiny norms in a few cases
July, 07th 2008

The Central Board of Direct Taxes has decided to relax norms on scrutiny of tax payers whose premises have been surveyed by the officials, a step aimed at encouraging evaders to pay up.

"The decision is likely to provide relief to thousands of taxpayers and it would save them from harassment at the hands of taxmen apart from litigation costs," said a senior Finance Ministry official. The decision has been taken following Finance Minister P Chidambaram's assertion that government wanted to send a message that those who comply with the tax laws would not be harassed by the tax officials.

CBDT has decided to exempt a taxpayer from scrutiny after a survey if his account books are not impounded, there is no retraction of income declared during the survey and income declared excluding additional tax demanded by the department is not less than the last fiscal, the official said.

He said the decision would immediately save about 15,000 taxpayers, whose premises were surveyed in 2006-07 and those who filed returns last year, from scrutiny. Going by earlier norms, they would have to appear before the assessing officer for scrutiny of their returns.

Under the scrutiny norms, the tax officials would issue a notice to the assessee to appear in person on a particular day and provide detailed information relating to statements of all bank accounts, matching of money withdrawals with expenses, including those on credit cards besides cross-checking the perks, and scrutinies other incomes like interest-free loans.

Income Tax officials said the scrutiny would usually require taxpayers to hire chartered accountants or corporate lawyers to represent their case before the department. In 2008-09, the Department is expected to scrutinise 3.8 lakh returns. Of this, about 2.50 lakh cases will be selected through the Computer Aided Scrutiny Selection (CASS) while another 1.30 lakh will be chosen manually.

Under Section 133 A of the Income Tax Act, the tax official could conduct survey at the business and residential premises of a taxpayer to examine books of accounts, documents, stocks, business records and cash. In 2007-08, the direct tax collections, including personal income tax and corporate tax stood to Rs 3,14,468 crore.

It witnessed an increase of 38.61 per cent to Rs 57,373 crore in the first quarter of this fiscal as compared to Rs 41,391 crore mopped up during the same period a year ago.

 
 
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 Team

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