Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: cpt :: due date for vat payment :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: TDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBEC Issued 41 Notifications In A Day To Give Effect To GST Council Decisions In 22nd Meet
 CBDT seeks suggestions on framing of rules on country-by-country reporting
 Is it the end of the road for tax havens?
 Government Collects Rs 3.86 Lakh Crore as Direct Tax Till September
 TDS IS PART OF SUM PAYABLE TO PAYEE and is trading liability- interest paid for delayed deposit of TDS is allowable expenditure
 Deductions Under Section 10b Of Income Tax Act, 1961 To Export
 CBDT signs 2 more APAs with taxpayers in September
 PM Narendra Modi seeks simpler rules to raise direct tax share from '07 low
  E-filing income tax return: How individuals can upload any ITR using excel utility

CBDT seeks to make suspicious transaction probe more effective
September, 18th 2014

Admitting that the government has failed to make full use of the suspicious transaction reports (STRs) provided by various financial institutions, the central board of direct taxes (CBDT) has asked its field officers to suggest how to make the measure more efficient and productive.

“STRs constitute a strategically important source of information for income tax department. In the last few years the number of STRs has grown tremendously and is growing further. The department has not been able to investigate all STRs promptly,” the CBDT said in an office memorandum to its field officers.

While acknowledging the need for faster investigation of STRs, CBDT said it is important to know which STRs have not been very useful so that they could be discontinued by the financial intelligence unit-India (FIU-IND). The unit is responsible for collating and analysing information from various financial institutions to compile a database of suspicious transactions.

“This would facilitate reduction in number of STRs and enable quicker and better investigation in remaining STRs,” the department said.

Financial institutions have to report any transaction which they deem to be suspicious, irrespective of whether there is any cash involved. This could involve false documents, or any transactions that are proceeds of crime, unusual account activity and high value transactions.

The board has asked its officers for feedback on which STRs were not useful, how to improve the quality of STRs, and what kind of information should the STRs need in order to help the tax department crack new ways of tax evasion.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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