Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / CBDT warns against revised I-T returns
  • India

    CBDT warns against revised I-T returns

    Sneha Johny
    Written by
    Sneha Johny
    Mail
    Last updated on Dec 15, 2016, 03:59 pm
    CBDT warns against revised I-T returns
  • India's CBDT tax authorities have issued a warning against those altering their income tax return forms drastically after 8 November.

    This comes in the wake of many tax payers revising their income tax returns after demonetisation came into effect.

    Reports stated that a stern penalty amounting to 100-300% of the tax evaded can be charged against those manipulating their I-T returns.

  • In this article
    CBDT Demonetisation sees I-T department on high alert CBDT's measures to seize tax evaders CBDT warns against revised I-T returns I-T to scrutinise revisions made to declared income When should you revise your returns?
  • About

    CBDT

    CBDT
    Credits:
  • The Central Board of Direct Taxes (CBDT) comes under India's revenue department's umbrella.

    The board manages the income tax department and plays a significant role in providing inputs on the planning and collection of direct taxes.

    In June this year, the government enabled the income tax officers specialising in tax recovery to arrest and detain wilful defaulters, in an attempt to curb tax evasion.

  • Scrutiny

    Demonetisation sees I-T department on high alert

    Demonetisation sees I-T department on high alert
  • With demonetisation coming into effect, India's income tax authorities have resorted to scrutinising high-value transactions.

    When the announcement on demonetisation was made, there was a 52-day window period to exchange and deposit old currencies.

    Deposits of over Rs.2.5 lakh during the period will be scrutinised.

    CBDT also highlighted penal action on deposits of over Rs.10 lakh, if it was disproportionate to their declared income.

  • Quote

    CBDT's measures to seize tax evaders

  • "Cash hoarders could have misused the erstwhile provisions by depositing an amount less than Rs.50,000 on various occasions without quoting their PAN. The CBDT has brought two-fold amendment casting a reporting responsibility on the taxpayer and the bank," said Rakesh Nangia, Nangia & Co.

  • 15 Dec 2016

    CBDT warns against revised I-T returns

    CBDT warns against revised I-T returns
  • India's CBDT tax authorities have issued a warning against those altering their income tax return forms drastically after 8 November.

    This comes in the wake of many tax payers revising their income tax returns after demonetisation came into effect.

    Reports stated that a stern penalty amounting to 100-300% of the tax evaded can be charged against those manipulating their I-T returns.

  • Quote

    I-T to scrutinise revisions made to declared income

  • "Any instance coming to the notice of the I-T department which reflects manipulation in the amount of income, cash-in-hand, profits etc and fudging of accounts may necessitate scrutiny and may also attract penalty and prosecution in appropriate cases as per provision of law."- I-T notice

  • I-T returns

    When should you revise your returns?

    When should you revise your returns?
  • Under the I-T Act, any revisions to an I-T return can be made only if the person who has filed the return realises any omission or wrong statements in it.

    Recently, many taxpayers are using this provision to file revised returns to declare their unaccounted income and disguise it as income for the current year.

    This results in unaccounted money reflecting as accounted money.

  • India
  • Central Board of Direct Taxes
  •  
Latest News
  • NASA's Perseverance rover completes first test drive on Martian soil
    NASA's Perseverance rover completes first test drive on Martian soil
    Science
  • Twitter CEO Jack Dorsey is auctioning off the first-ever tweet
    Twitter CEO Jack Dorsey is auctioning off the first-ever tweet
    Science
  • Realme rolls out Realme UI 2.0 update for Narzo 20
    Realme rolls out Realme UI 2.0 update for Narzo 20
    Science
  • 'Test, track, and treat': Centre to states/UTs reporting COVID-19 surge
    'Test, track, and treat': Centre to states/UTs reporting COVID-19 surge
    India
  • 2021 Kawasaki Ninja 300 reaches dealerships; deliveries to commence soon
    2021 Kawasaki Ninja 300 reaches dealerships; deliveries to commence soon
    Auto
Trending Topics
ISRO Vaccine
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Twitter Indian Premier League Samsung Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman
Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Royal Challengers Bangalore Toyota Fashion Tips Mercedes
James Anderson Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers Neha Kakkar Premier League
Big Bang Theory X-Men TATA Royal Enfield
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021