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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd :: articles on VAT and GST in India :: TDS :: cpt :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious
 All scrutiny cases, sans search, to be e-assessed
 Key tax changes that will come into effect from April 1
 Eight lakh companies on Income Tax department radar for not filing tax returns
 4 things a taxpayer shouldn’t miss
 Impact on LTCG will be more than 10 per cent
 Here's how much the tax reliefs you want will cost the finance minister
 Companies (Appointment and Qualification of Directors) Amendment Rules, 2018
 How young earners can claim HRA tax exemption with ease

Tax returns filed, on the rise
July, 22nd 2009

July 21 More of the rich are now beginning to file income-tax returns. There has been a sharp rise in the number of assessees who filed return of income between Rs 1 crore and Rs 5 crore a year during the last three financial years.

During 2006-07, the number of assessees who filed return of income in this range (Rs 1-5 crore) was 15,743. This increased to 22,341 in 2007-08 and to 26,275 in 2008-09, the Rajya Sabha was informed today.

Tax experts say the main factor behind the surge in the number of income-tax assessees in this category is the economic growth since 2003-04.

Except for 2008-09, when the economy was hit by global economic downturn, the years prior to that saw steady GDP growth rates of 8-9 per cent. More wealth was created and, therefore, led to higher incomes, a tax partner in a law firm said.

Wealth creation

While the economic growth aided wealth creation, the rationalisation of tax structure since 1991 paid handsome dividends both for the Government and the assessee during the period of strong capital formation.

Also, the increase in risk involved in tax evasion in the recent years, mainly on account of third-party information through annual information returns (AIRs), led to AN improvement in compliance of tax laws, a revenue department official said. The compliance burden was also eased by allowing assessees to opt for e-filing of returns and electronic payment of taxes. The tax department had resorted to computer aided scrutiny selection (CASS) techniques to identify scrutiny cases. The direct tax collections have seen a tremendous buoyancy in recent years, thanks to strong economic growth and improved tax compliance. In 2009-10, the Government expects to garner about Rs 3.7 lakh crore from direct taxes.

Meanwhile, the Income-Tax Department has initiated investigations in a slew of cases where insurance policies have been purchased through large cash payments. The investigations have been taken up to ensure that undisclosed investments are brought to tax, according to the income-tax law.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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