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: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt
 
 
ę Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

I-T department to scan high-value disputes
September, 05th 2014

The Central Board of Direct Taxes (CBDT) has stated in a recent notification that all income tax (I-T) cases involving an addition to income of Rs 10 lakh or more in an earlier assessment year will be taken up for compulsory scrutiny.

All cases will be picked up for scrutiny where the addition to income in an earlier year's assessment was made on a "substantial and recurring question of law or fact", irrespective of whether the issue under dispute had been confirmed in favour of the I-T department at the appeal stage or is still pending.

In other words, if during the course of an I-T assessment for an earlier fiscal year, there was an addition made by the tax department of Rs 10 lakh or more to the income declared by a tax payer, his I-T return for the year ended March 31, 2014 (FY 2013-14) will now be taken up for scrutiny during the current financial year (2014-15).

I-T returns for the year ended March 31, 2014, are filed by taxpayers in the current financial year, which commences from April 1. For instance, salaried employees had to file their I-T returns by July 31.

Scrutiny is a regular feature carried out in selective cases to ascertain whether the taxpayer has declared his income correctly in his I-T returns and has paid the taxes due. While the I-T Act does not define what is "substantial and recurring question of law or fact", the matters that could come under scrutiny may cover those where additions to income were made earlier against a wide range of disputed issues, such as tax deduction at source or eligibility of expenses claimed by a taxpayer.

The circular Compulsory manual selection of cases for scrutiny during financial year 2014-15' ? was issued by the CBDT on September 2. All cases of search and seizure and also re-assessment will be subject to scrutiny by the I-T department.

Cases in respect of which specific and verifiable information pointing out tax evasion is given by the government departments and other regulatory authorities will also be picked up for scrutiny.

The CBDT has focused its attention on charitable trusts and institutions. For instance, if an institution was denied approval under section 10(23C) or the approval given was withdrawn, but tax exemption continued to be claimed, then such a case would be picked up for scrutiny.

Thus, institutions like hospitals and educational institutions are likely to face tax scrutiny. Similarly, if a charitable trust was not given registration under section 12AA or the registration was cancelled, but tax exemption was claimed, the case would be picked up for scrutiny.

In its edition dated July 2, TOI had reported on CBDT's action plan for the fiscal 2014-15. The action plan had called for examination of the tax-exempt status of trusts and charitable organizations.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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