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% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: form 3cd :: due date for vat payment
 
 
« News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

I-T dept unleashes
September, 03rd 2009

The Central Board of Direct Taxes (CBDT) has introduced a new software programme, called 360 degree profiling, which would provide automatic alerts for scrutiny assessment of an individual or a company to the income tax department, based on its investments and expenditure.

According to official sources, the software is aimed at quick identification of cases for scrutiny where tax default or tax evasion seems present. It would save a lot of time for officers, who could focus on cases picked up objectively, rather than fishing and selecting cases on subjective judgement. Thus, it would also speed tax recovery.

It will be a map of Permanent Account Numbers (PANs), with alerts for the officer to carry on scrutiny assessment. Earlier, it would take days just to identify the related entities, which could end up in identifying a maximum of four to five assessees, explained an official source.

The software will throw up a PAN for scrutiny only when there are some aberrations in the investments, expenses and cash money expenditure made by an assessee or if the investments do not match with the income. Thus, the income-tax officer could just check the relevant returns filed or ask for details of other tax returns.

360 degree profiling is a PAN-based software which tracks an individual or a company as an assessee, and tracks all related PANs of other companies or enterprises to which the original assessee has made payments or investments.

Entry of one PAN can generate a display of numerous PANs, where each one is a possible lead for investigation, since it is attached to the original PAN entry. If the other PAN does not provide any conclusive evidence for further investigation, it will be dropped, said the official source.

The department, over the years, has developed a massive data of PANs by making it compulsory for returns and, more recently, making electronic filing of returns mandatory for companies.

If a company has made such investments, the software will exhibit PANs of all related entities of the company its board of directors, major shareholders, etc. And, following these leads, another set of PANs will be displayed in which these entities have made investments or spent money on.

This process will go on and an entire PAN tree will be made from one PAN. Similarly, if the assessee belongs to a Hindu Undivided Family (HUF), search on the PAN of one entity of the HUF could throw up numerous PANs related to the original assessee.

The department has also decided to hasten the process of clearance of high-demand cases from the stage of appealing to the commissioner of appeals, so that officials could press for recovery.

In such cases, even if the assessee proposes to approach higher courts for further appeal, it would first have to make the payments and then appeal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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