News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
CBDT tightens scrutiny rules for assessing officers
PrintIf you have received an income-tax scrutiny notice, there's no need to be unduly fearful as the government has sought to protect you against possible harassment.
That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear such persecution.
The Central Board of Direct Taxes (CBDT) has made it more difficult for assessing officers to expand the scope of a 'limited' scrutiny to a complete one.
They will also have to substantiate any contention of possible under-reporting of income and loss of taxes, apart from requiring approval of senior officers.
The guidelines issued recently by the apex direct taxes body call for assessing officers to form a "reasonable view" that there is a possibility of income under-assessment, said an official aware of the move.
Besides, when manually selecting cases for scrutiny in the current financial year, the threshold for metros has been raised to Rs 25 lakh from Rs 10 lakh for instances involving additions in the earlier year. That is, if an assessing officer finds that some income should have been added to the declaration, the return can't be opened for scrutiny if the incremental amount is less than Rs 25 lakh.
In the past two years, the government has sought to make the department's revenue collection efforts less aggressive and move away from what's been dubbed by some as tax terrorism.
Modi delivered much the same message to tax officials at a meeting last month. Processes are being made less discretionary and increased reliance is being placed on information technology.
E-scrutiny, which allows payees to reply to scrutiny questions over email in metros, has also been started. These latest directives add to measures aimed at ensuring that tax officers don't embark on fishing expedition even in cases of limited scrutiny under the Computer Aided Scrutiny Selection (CASS) where the perceived risk area is limited to only that particular transaction. #CASANSAAR (Economic Times)
That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear such persecution.
The Central Board of Direct Taxes (CBDT) has made it more difficult for assessing officers to expand the scope of a 'limited' scrutiny to a complete one.
They will also have to substantiate any contention of possible under-reporting of income and loss of taxes, apart from requiring approval of senior officers.
The guidelines issued recently by the apex direct taxes body call for assessing officers to form a "reasonable view" that there is a possibility of income under-assessment, said an official aware of the move.
Besides, when manually selecting cases for scrutiny in the current financial year, the threshold for metros has been raised to Rs 25 lakh from Rs 10 lakh for instances involving additions in the earlier year. That is, if an assessing officer finds that some income should have been added to the declaration, the return can't be opened for scrutiny if the incremental amount is less than Rs 25 lakh.
In the past two years, the government has sought to make the department's revenue collection efforts less aggressive and move away from what's been dubbed by some as tax terrorism.
Modi delivered much the same message to tax officials at a meeting last month. Processes are being made less discretionary and increased reliance is being placed on information technology.
E-scrutiny, which allows payees to reply to scrutiny questions over email in metros, has also been started. These latest directives add to measures aimed at ensuring that tax officers don't embark on fishing expedition even in cases of limited scrutiny under the Computer Aided Scrutiny Selection (CASS) where the perceived risk area is limited to only that particular transaction. #CASANSAAR (Economic Times)
Category : Income Tax | Comments : 0 | Hits : 1266
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments