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
Latest Expert Exchange
News Headlines »
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

I-T seeks more disclosures from cash card users
August, 28th 2008
The Income Tax authorities are seeking more disclosures from cash card users since they believe huge amounts of unaccounted cash is moving around the country via these cards. Cash cards were launched by a host of non- banking finance companies (NBFCs) filling gaps between money orders and bank transfers.

These two means of funds transfers leave a paper trail which cash cards do not, a loophole the chief commissioner of Income Tax (CCI-T) Pune is seeking to fill. Among the details the income tax department is seeking are who is buying the cash card, the source of those funds, who is receiving the funds and their end use, M Narasimhappa, (CCI-T), Pune, said.

We believe that thousands of crores of rupees are being transferred via such cash cards all over the country. All that is required now is for someone to go to the NBFC, pay the cash, get a scratch card whose number the buyer then communicates to the intended recipient.

That person then goes to the local branch of the NBFC and collects the cash on presenting the number. We would like to know more about these transactions which go through private channels, he said. The Income Tax department would like this information to be included in the AIR which can then be presented to the union finance ministry.

The suggestion for greater information on cash card transactions is one such idea from the move, he said. Another suggestion which has yielded income is checking out the use of central government benefits to housing schemes for low and middle income groups.

Under Section 80 I B (10) of the Income Tax Act, housing companies were allowed to claim 100% exemption on all income if they met the specifications laid down. We have found 12 such companies in Pune who have not fulfilled some criteria hence their concessions have been withdrawn. The four-year old scheme ended on March 31, 08 and they should have received completion certificates from the local civic body, Mr Narasimhappa said.

BOX: Given Punes industrial profile of being a manufacturing centre, the current slow down in the manufacturing sector has begun to bite. Income tax authorities have seen a 50% fall in tax receipts in the first five months of the current fiscal. Last year, 38% of targeted collections had happened in the first five months.

This year, although the target for tax receipts for the full year has risen by 19%, to Rs. 3312.4 crore, from actual collections of Rs. 2767.9 crore in 07-08, tax collections in the period April-August are down by 50%, M Narasimhappa, chief commissioner of Income Tax (CCI-T), Pune, told reporters, declining to give numbers.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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