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 Audit :: form 3cd :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Cash economy on income tax radar
August, 11th 2011

Under pressure to enhance tax realisation amid apprehensions of sluggish industrial growth, the Central Board of Direct Taxes has decided to target the cash economy in a big way to boost the income tax mop-up this year. A senior finance ministry official told Business Standard the income tax department had asked its officials through the country to collect information on the income, expenditure and investments of those dealing in cash.

He said a large chunk of this segment, from small traders to bullion and jewellery merchants, either paid no tax or under-reported their income massively. The idea is to bring all cash-based business activities within the tax ambit and improve the compliance level for enhancing revenue realisation, he said.

The department is devising ways through which large cash transactions could be brought under the reporting norms, said the official.

For the time being, information received through Annual Information Returns (AIR) on high-value transactions, enhanced reporting to the Financial Intelligence Unit and estimation of income based on information gathered from different sources would be utilised for raising tax demands.

Finance Minister Pranab Mukherjee indicated in Parliament last week the government was trying to maintain tax buoyancy by enhancing and strengthening the collection machinery and by bringing more people within the tax net through surveys and other information.

The department is also focusing on the tax deducted at source payments, which contribute nearly 37 per cent to the direct tax kitty, for additional collection. It wants the percentage to reach 40.

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

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