With the current financial year coming to a close soon, CBDT has asked the Income Tax department to speed up select black money and tax evasion probe cases which require cooperation from foreign agencies under existing bilateral treaties.
The rollout of an ambitious pilot project of Income Tax department to begin paperless and email-based communication with taxpayers has been delayed as many chosen tax offices have not sent the required data to the CBDT even after over a month-and-a-half of the go-ahead.
Asserting that there was "no collateral purpose" behind its action, a late night press release issued by the CBDT in Delhi said the searches were based on "credible information of tax evasion" and "financial irregularities".
The CBDT Thursday reviewed some important black money and tax evasion probes being conducted by the Income Tax department, including the HSBC Geneva banks list and few others where it is suspected that Indians have stashed assets abroad.
The CBDT will review some important black money and tax evasion probes being conducted by the Income Tax department Wednesday, including the HSBC Geneva banks list and few others where it is suspected that Indians have stashed assets abroad.
Taxpayers facing "high-pitched" assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms.
Government has extended by one year the tenure of a high level committee set up under former Chief Economic Advisor Ashok Lahiri to suggest steps to sort out taxation problem being faced by the trade and industry.