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: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: VAT RATES :: articles on VAT and GST in India :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: cpt :: ACCOUNTING STANDARD
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

I-T men ready to spoil your party
September, 27th 2006
If it is "let's party all nights instead of tonight", then it is a reason for the income tax sleuths to watch. A survey done by the department has revealed that black money is flowing back to the market either through high-end partying, luxury holidaying, booking and marketing real estate and buying cars above Rs 10 lakh. The sleuths now have an eye on such people. Concerned over a spurt in black money circulating in the tricity, the taxman has set his eyes on the swish set of high spenders. Based on a survey carried out to find out where the illegal money is moving, the income tax department has identified four major areas of concern and is gathering expenditure details of people involved therein. These are persons who are into high-end partying circuit, enjoy luxury holidaying, work as marketing/booking agents of realtors and buy luxury cars costing over Rs 10 lakh. "Hunting down such tax evaders is high on our priority list. We are getting personal details of high spenders in these areas. The data would be fed into our system. The computer-assisted scrutiny selection (CASS) would then be used to monitor individuals where we find their I-T returns not matching the expenditure," a senior I-T official told TOI. "In case of unaccounted money, penalty can go up to tax including interest at the rate of 1% per month, and fine up to 300% of the tax liability." For instance, if the tax liability on Rs 100 as unaccounted money works out to be Rs 30 at the rate of 30% income tax slab, the penalty would be Rs 90. According to sources, following speculation in the real estate segment in the region, a lot of black money has found its way supporting the luxurious lifestyle of some city residents. And the eagle eyes of the I-T sleuths are zeroing in on them. "Many high-end parties and get-togethers in the city, which are individual events, are booked in the name of companies and see lakhs being spent in a single night," said an official.
 
 
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