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: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: empanelment
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

CBDT Seeks Staff Views to Expedite Processes
September, 20th 2014

The nation’s top direct taxes body has asked its officers to provide suggestions to quicken the process to unearth unaccounted cash and book tax evaders. The Central Board of Direct Taxes (CBDT) is also looking for guidance to filter out unnecessary information to save productive time.

 

In a communication to staff, CBDT has sought suggestions on the management of complains about suspicious transactions reports (STRs) by the end of this month.“ In the last few years, the number of STRs has grown tremendously and is growing further and the department has not been able to investigate all STRs promptly,” CBDT said.

“It has been felt that while it is of paramount importance to take steps for better and quicker investigation in available STRs, it is important to identify, inter alia, the types of STRs that have been found not useful from direct tax point of view.” According to the department, the feedback from staff will be sent to the Financial Intelligence Unit to discontinue dissemination of unnecessary STRs. The unit is a central agency responsible for receiving, processing, analysing and disseminating information relating to suspicious financial transactions to enforcement agencies and foreign counterparts. “The recent office memorandum issued by the CBDT aims to streamline the process of data collection, dissemination and impact analysis of suspicions transactions,” said Kunal Gandhi, Partner at Mumbai-based tax and forensic consulting firm US Gandhi & Co. “Suspicious transactions usually constitute of bogus purchases or bogus sales, abnormal share premium received by a company, heavy cash deposits, offshore movement of funds and high-volume transactions with scam-hit companies.”

The department has been keeping a close eye on such transactions for over three years now, said a senior tax official. CBDT has sought information from staff on issues such as what were the kinds of information in STRs that were found to be not useful, cause of delay, what kind of corrective measures can be taken to improve quality of information and trends or modus operandi of tax evasion adopted in recent times. – www.economictimes.indiatimes.com

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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