Knowledge Base @ Tax Management

10

Directorate of Income Tax (Exemption)

This directorate, which is also headed by a Director General of Income Tax, deals with cases of charitable institutions and trusts enjoying exemption from taxation under various provisions of the Income Tax Act.

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9

Directorate of International Taxation “ Directors (International Taxation) “Under a Director General of Income Tax

With the advent of globalization, a large number of multinationals setting up base in our country and Indian enterprises acquiring businesses overseas, international taxation has emerged as a very important and specialized new area of taxation.

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8

Investigation Wing of Income Tax Department

One of the important wings of the Income Tax Department is the Investigation Wing. It may also be called the enforcement machinery or the deterrence machinery of the department. The machinery works towards the broad objective of combating tax evasion.

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7

Assessment Charges by Income Tax Department

A large part of the Income Tax Department is comprised of the charges of Commissioners of Income Tax, which function under the over-all supervision and control of a Chief Commissioner of Income Tax. Each Commissioner’s charge is sub-divided into ranges and each range is headed by either an Additional Commissioner or a Joint Commissioner ..

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6

Combating Tax Evasion

The task of combating tax evasion and checking the proliferation of black money is a daunting one. The government has, however, been continuously striving to eradicate the menace. Towards this objective, various steps have been taken by the Income Tax Department from time to time.

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5

“Money Laundering”  for Income Purposes

As the name itself suggests, laundering here refers to converting the dirty /tainted /crime money into clean /untainted / legally earned legitimate money. Money laundering involves certain processes undertaken to conceal the identity or source of illegally gained money.
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4

Harmful Effects of Black Money

One may wonder how black money could harm the system when it is already a part and parcel of it. First of all, it distorts the national statistics as transactions carried out with black money do not get recorded.
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3

“Tax Evasion” for Income Tax Purpose

It is also important to understand the meaning of tax evasion in the correct perspective. Whenever a person either under-reports or does not report any income with the intention of reducing his tax liability, it can be said to be a case of tax evasion.

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2

“Black Economy” and Its Causes

The presence of black money in the economy constitutes black economy, which is also referred to as the parallel economy. A number of definitions have been attempted to describe the nature of black economy.

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1

“Black Money” for Income Tax Purpose

All payments made out of unaccounted funds, which have not borne the due tax liability, are black money transactions. Similarly, if the retailer decides to record only a part of his cash sales, he would also be generating income on which he would not pay any tax, ...

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Sec. 143(3) : Scrutiny Assessments by Income Tax Department
“Penalties” Under Income Tax Act. 1956
How is a Search Operation Conducted by Income Tax Department ?
Surveys for Checking Ostentatious Expenditure
Surveys for Enforcing Compliance with Provisions of TDS
“Summon” U/s 131 of Income Tax Act.
Investigation by Income Tax Department:
Appellate Authorities of Income Tax Department
Power to Call for Information U/s Sec. 133(6) of Income Tax Act.
Specific Surveys U/s 133A(1) of Income Tax Act.
Types Of Income Subject To TDS [Deduction Of Tax At Source]
Pre-Requisite For Claiming Income Tax Refund
Benefits of Filing Income Tax Returnsn
Section-139(9): Defective Tax Return
 
 
How is a Search Operation Conducted by Income Tax Department ?
The provisions relating to search and seizure are contained in section 132 of the Income Tax Act, 1961.
 
Sec. 143(3) : Scrutiny Assessments by Income Tax Department
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence..
 
“Penalties” Under Income Tax Act. 1956
Penalties by way of monetary payments are charged under the Income Tax Act for various defaults relating to payment of taxes, maintenance of accounts, for noncompliance and non co-operation during proceedings, for evasion of tax, etc..
 
Income of Individuals And HUFs – As a Tax Payers Under Income Tax Act, 1961.
The individual tax payers and also the HUFs while proceeding to calculate the net taxable income in the first phase are required to arrive at the gross total income under different heads of income...
 
Types Of Income Subject To TDS [Deduction Of Tax At Source]
The following types of incomes are mainly subject to deduction of tax at source: (a) Salaries Section 192. (b) Interest on securities Section 193..
 
Pre-Requisite For Claiming Income Tax Refund
For claiming income tax refund the first prerequisite is that there should have been excess tax paid or deducted at source on the basis of return of income.
 
Section-139(1) : Provision for Voluntary Income Tax Return
Every person,— (a) being a company or a firm; (whether having income or loss) or (b) being a person other than a company or a firm if his total income or the total ncome of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall file a return of his income in the prescribed form.
 
Benefits of Filing Income Tax Returnsn
We have heard many a times that every individual whose total income exceeds the maximum exemption limit is obligated to furnish his/her Income Tax Return or ITR.
 
Section-139(9): Defective Tax Return
Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of intimation.
 
Section 139(5) : Revised Income Tax Return
If any person, having furnished a return u/s 139(1), or in pursuance of a notice issued under section 142(1), discovers any omission or any wrong statement therein, he may furnish a revised return at any time.
 
Section-139(4A) : Income Tax Return of Charitable and Religious Trusts
Every person in receipt of income derived from property held under trust or other legal obligation wholly or partly for charitable or religious purposes or of income being voluntary contributions referred to in section 2(24)(iia) shall.
 
Section-139(4) : Belated Income Tax Return
If an assessee has not furnished a return of his income within the time allowed to him under section 139(1) or within the time allowed under a notice issued under section 142(1).
 
 
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