BUSINESS

I-T department to tighten noose around corporate bosses

Markets, Viewed [ 117 ] , Rating :
     
Jyoti, Star Live 24
Tuesday, July 29, 2014
Published On: 13:36:26 PM
Comments


New Delhi: In a bid to widen the tax base, the income tax department this year will be extremely watchful of the corporates' pay package that comes in the form of allowances, perks or other benefits, as per a daily newspaper.

For instance, the expenses incurred on luxury cars, property purchase, coaching centres, earnings on fixed deposits will be closely watched by the I-T department.

So if your transactions or dealings are not in concordance with the income shown in your tax returns, you might face the attention of the tax department.

Not showing multiple fixed deposit accounts while filing tax, Educational institutes giving honorarium to their guest employees, passing off the employees as consultants to save TDS will be highly scrutinised by the tax department.

The Income tax department will widen tax base by follow-up of non-filers monitoring system (NMS) cases, capturing new information sources such as under reporting of immoveable property transaction amount, buyback of shares through open offers, exchange of information with other countries.

The direct tax collections for the current fiscal has been pegged at Rs 7,36,221 crore.

Central Board of Direct Taxes (CBDT) has said that the I-T department will make utmost efforts to achieve the tax collection targets fixed as it has achieved more than 100 percent targets during the last financial year as well.

The revised targets for 2013-14 was Rs 6,36,318 crore while actual collection was Rs 6,38,495 crore.

The direct tax (including personal income tax and corporate tax) collections in 2003-04 was Rs 10,50,88 crore compared to Rs 6,38,495 crore in 2013-14.

(zee)

Other Videos


Gold prices surge by Rs 715, biggest single-day gain this year

Gold prices surge by Rs 715, biggest single-day gain this year

SpiceJet cuts Q2 losses after filling more seats

SpiceJet cuts Q2 losses after filling more seats

South Carolina Governor Nikki Haley gets nostalgic after visiting Golden Temple in Amritsar

South Carolina Governor Nikki Haley gets nostalgic after visiting Golden Temple in Amritsar

Pakistan resorts to firing along IB in Jammu

Pakistan resorts to firing along IB in Jammu

Modi urges 'people-driven' reforms, G20 nations call for higher growth

Modi urges 'people-driven' reforms, G20 nations call for higher growth

After election drubbing, Raut eyeing state Congress chief’s post

After election drubbing, Raut eyeing state Congress chief’s post

Smriti Irani's new deputy at HRD ministry, an Agra University professor, accused of forging BA and MA marksheets

Smriti Irani's new deputy at HRD ministry, an Agra University professor, accused of forging BA and MA marksheets




 Comment Note: By posting your comments in our website means you agree to the terms and conditions of www.StarLive24.tv
More From This Section


Related Search
  • Automobile
  • Economy
  • Interview
  • Markets


> >

1/4

Most Viewed

Infosys To Hire Over 2,100 People In U.S.