CAduniya.com : CA India Blog

Beware! If you are a service provider, especially a real estate agent or a tour operator and not registered with the tax authorities, the service tax department has begun compiling data of such entities and will soon crack down on tax evaders.

The newly constituted Survey and Investigation Branch (SIB) of the service tax department has started scrutinising municipal corporation records, income tax returns and yellow pages, a commercial directory, to find out the real estate agents, tour operators and other service providers who are not paying service tax, an official said.
The tour and travel industry and real estate sector, which are highly unorganised, could be major evaders of service tax, he said.

There are about 4,500 registered tour operators in the country and much more are in the unorganised sector who are doing brisk business following a spurt in domestic and overseas travel in the recent past. In Delhi alone there are 800 registered tour operators, said the industry sources.

Similarly, the boom in the real estate sector has given rise to a number of brokers and middlemen who are doing substantial business in the unorganised sector.

“We want to widen the service tax base and pay special attention to these sections which are neither registered with us nor pay service tax. The ground work has already been done with regard to this and we expect to complete the process soon,” the official said.

After completing the exercises of data compilation, the SIB would conduct physical surveys to identify the tax providers who are not registered with the department, the official said.

Pointing out that the exercise would bring tour operators and real estate agents within the service tax net, the official said, “they have a huge revenue potential but at present are escaping the tax net”.

DEPUTY GENERAL MANAGER

MARKET INTERMEDIARIES REGULATION &

SUPERVISION DEPARTMENT

DIVISION OF POLICY AND SUPERVISION - III

Tel: 26449261, Fax: 26449021

Email: manojk@sebi.gov.in

MIRSD/ DPSIII/ Cir-26/ 08

August 22, 2008

The Managing Director / Executive Director

of all Stock Exchanges

Dear Sir,

Sub: Internal Audit for stock brokers/clearing members

In continuation with the Circular No.F.1/5/SE/83 dated May 31, 1984 of Government

of India, Ministry of Finance, Department of Economics Affairs, Stock Exchange

(more…)

The facility of filing income-tax returns electronically (e-returns) has received overwhelming response from the taxpayers. As on 31st July 2008, 12.49 lakh e-returns were filed compared to 1.46 lakh e-returns filed up to the same date last year, an increase of 755 percent. About 97 percent of the 12.49 lakh e-returns have been filed voluntarily by individuals, professionals and small businesses.

Largest number of e-returns were filed from Maharastra (278,112), followed by Delhi (153,992), Karnataka (144,287), Tamil Nadu ((118,354) and Gujarat (115,798).

Last year (fiscal 2007-08), up to 31st March 2008 about 21.93 Lakh e-returns were filed from all over India, out of which over 14.6 Lakh e-returns were filed voluntarily.

E-returns have been received from far-off regions across the country such as Jammu & Kashmir, Nagaland, Manipur, Andaman & Nicobar Islands, Lakshwadeep, etc., indicating the broad and far reach of Internet and e-filing across the country. A number of e-returns have also been filed from outside India.

E-filing has several advantages – cost of filing is low, ease of filing is high, it can be filed anytime from anywhere, there is no need to visit the tax office, return filed is more accurate, there is no fear of losing tax records, returns can be processed faster and refunds issued faster and more accurately. The facility for e-filing is available through the website https://incometaxindiaefiling.gov.in.

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