Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: VAT Audit :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: TDS :: cpt
From the Courts »
 Principal Commissioner Of Income Tax-7 Vs. Pavitra Commercial Ltd.
 Commissioner Of Income Tax Delhi Iv Vs. Gee Kay Finance & Leasing Co. Ltd.
 Pr.Commissioner Of Income Tax-6 Vs. Nokia Solutions & Network India Pvt Ltd (Formerly Known As, Nokia Siemens Network Pvt Ltd)
 SKY Light Hospitality Llp Vs. Assistant Commissioner Of Income Tax, Circle -28(1), New Delhi
 Tax outgo may rise for investors in companies undergoing M&A cases
 Rajat B Mehta vs. ITO (ITAT Ahmedabad)
 Seema Sabharwal vs. ITO (ITAT Chandigarh)
  Vikram Singh vs. UOI (Delhi High Court)
 Pr CIT vs. Shree Gopal Housing & Plantation Corporation (Bombay High Court)
 Kudrat Sandhu vs. UOI (Supreme Court)
  Vikram Singh vs. UOI (Delhi High Court)

IT Dept hits with scrutiny of tax returns
July, 13th 2008

Shortage of manpower in the income tax department has affected the scrutiny of tax returns leading to loss of revenue worth hundreds of crores as large number of tax payers are not reporting their total income in returns.

"Over five lakh tax returns were pending for scrutiny at the beginning of current financial year. About 3.5 lakh returns have been added this year for scrutiny. But with a meagre strength of about 2,600 officials, these are unlikely to be scrutinised," a senior income tax department official said.

At present, about one per cent of total returns are selected through the Computer Aided Scrutiny Selection (CASS) for scrutiny, besides some returns selected manually. Over three crore returns are expected to be filed this year.

Sources said lack of adequate number of returns for scrutiny could result in revenue loss amounting to hundreds of crores as large number of taxpayers are not reporting their total income in returns.

If a return has not been selected for scrutiny within one year after filing the return, it implies that a tax evader could rest in peace and the evasion simply goes unreported, sources said.

The department has pointed out that as against the international norm of processing 60 returns per official, an assessing officer in India is expected to scrutinise over 200 returns every year apart from handling other administrative responsibilities.

"It's impossible for one person to assess so many cases in a year," an official source pointed out.

Sources said since the direct collections are growing by over 40 per cent, there is slight complacency to increase the number of returns for scrutiny. Direct tax collections stood at Rs 57,373 crore in the first quarter this fiscal.

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 Portfolio

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