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: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

I-T department signs contract with L&T infotech to track tax evaders
July, 20th 2016

The income tax department is planning to launch an integrated platform to further strengthen its technology wherewithal to analyse the databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return,

The income tax department is planning to launch an integrated platform to further strengthen its technology wherewithal to analyse the databases of IT returns, IT forms, TDS/TCS statements, Annual Information Return, etc in order to track tax evaders.

The department today signed a contract with L&T Infotech for the project called Project Insight. The Project will be rolled out in three phases and the first phase is expected to go live in May 2017.

According to the Central Board of Direct Taxes (CBDT), this integrated platform would play a key role in widening of tax-base and data mining to track tax evaders. The new platform will also be used for implementation of Foreign Account Tax Compliance Act Inter Governmental Agreement (FATCA IGA) and Common Reporting Standard. Implementation of reporting compliance management system will ensure that the third party reporting by reporting entities is timely and accurate. A streamlined data exchange mechanism will also be set up with other government departments and exchange partners.

The tax department has data of over 17 crore PAN holders and 4.5 crore returns filed (as of assessment year 2012-13). They have been using these data to catch tax evaders. For example, the tax department noticed that in 2014-15, around 1.85 crore people paid TDS but did not file return.

Just yesterday, Atulesh Jindal, chairman CBDT, told media that they have put together a database of about 9 lakh high-value transactions. Of these, nearly one lakh transactions involve purchases or investments exceeding Rs 1 crore and could come under scrutiny for tax evasion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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