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: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: TDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT RATES :: due date for vat payment
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Tougher penalties for serious tax offences proposed
August, 17th 2007

Not paying your taxes in time could soon result in heftier fines and longer prison sentences if proposals being considered by the income-tax department are any indication. According to sources, as part of its proposed restructuring of penalties for tax-related offences, the department is planning to scale down the punishment for minor offences, while at the same time increasing penal provisions for major offences.

Failure to pay tax is punishable under section 276 (B) of the Income-Tax Act, 1961.

Commenting on the proposals, a tax official said, The threat of long imprisonment may create some amount of fear and induce evaders to pay their taxes. Up until now, there have been very few cases that have led to prosecution and imprisonment of offenders following investigations carried out by the department, the official pointed out.

Thats where the carrot-and-stick approach being considered by the department comes in. By reducing the penalty and length of imprisonment for some minor offences, it hopes to hasten prosecution of more serious offences and dispose of these cases faster.

The department is also pitching for judicial reforms on another front. In cases where documentary evidence is available, the department wants the assessing officer or any other tax official that may be involved to be exempt from physically appearing as a witness. This is because many cases drag on for years and even after a tax official retires, he is often called upon as a witness by the court.

If the departments proposals are implemented, the changes could be reflected in the Direct Tax Code, sources said. The issue was also discussed at the income-tax chief commissioners conference held last month under the agenda Launching prosecution and compounding offencesan effective mechanism for deterrence.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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