Latest Expert Exchange Queries

Make 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) | 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: form 3cd :: cpt :: empanelment :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment :: VAT RATES :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 CBDT clarification on Ind-AS makes tax calculation harder for companies
 I-T department to share companies' tax info with corporate ministry
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation

CBDT forms panel to examine industry-based tax assessment system
September, 18th 2015

CBDT has constituted a new committee to examine the feasibility of implementing a new tax assessment system of 'industry-based jurisdiction' instead of the current system of territorial revenue collection in the country.

The six-member committee, to be headed by a Principal Commissioner-rank officer of the Income Tax Department, has been created to act on the recommendations of the Tax Administration Reform Commission (TARC) which had submitted its report to the Finance Ministry early this year.

TARC, headed by Parthasarathi Shome, had recommended creation of such a nation-wide system for the direct taxes (income tax) collection system as it believed it will enable the department to "efficiently carry out its tasks with service orientation".

The committee, according to the terms of reference charted out by CBDT, will "carry out analysis of prevailing territorial jurisdiction in the I-T department and study of its various aspects keeping in view the various responsibilities assigned and discharged by the assessing officers" who are located across the country.

The I-T department, at present, has more than 550 regular assessment ranges varying from mofussil areas and small towns to metropolitan cities and they have jurisdiction on taxpayers based on the territorial limits set by the municipal and administrative authorities of the state or Union government.

"The TARC suggestion was to have assessment ranges in the I-T department based on industry or sectors like Information Technology, banking, SEZ, government service and others. The new committee will take an all-India view and submit its report to CBDT.

"While this is huge task to be implemented, CBDT may refer the committee's findings to the ministry for the next step to be taken in this regard," a senior official said.

The committee has also been asked by CBDT to study the "efficacy of existing dedicated ranges dealing with cases of trusts, association of persons, professionals and industry- specific jurisdiction in some corporate sector charges, with a view to examining the feasibility of implementing the same on all-India basis in a phased manner," the terms of reference for the committee said.

The committee constituted last week has been given a month's time to do its job and submit its report to the apex-policy making body of the tax department by October 15.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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