Nagpur: Taxations compliance in India has seen a drastic change in the recent scenario. Like Mothers, taxes are often misunderstood, but seldom forgotten. It’s important that people should do these compliances as a duty and a responsibility and with a feeling of contributing to the Nation’s development. Intelligence & Criminal Investigation (I&CI) wing of the Income Tax Department is extracting multiple information from various sources wherein technology is playing a major role said Sandeep Bandhu, Director of I&CI. He was talking as the Chief Guest at the Interactive meet organized by the Nagpur Branch of ICAI. Under the present system, various parties are suppose to provide the information to the Income Tax Department and this third party information helps the department to initiate the enquiries for the defaulters. He added that department is working day and night in getting this information and for its analysis in a proper manner. It’s important the tax payers should be provided with the required information as well as education for which Chartered Accountants have to play an important role.
In the I&CI wing, there are multiple experts who are working as a team to get the desired results. Recently filed SFT returns was one of the most important tasks which was handled by the department. Presently the major sources of information are Banks, Registrar Office, Companies, etc. Outreach programs are being conducted by the department to help these people understand the required information and also to help them in avoiding the mistakes and help in serving the purpose. The department is having huge data which department is using in initiating the enquiries.
Assessee who are required to be Audited U/s 44 AB of the Income Tax Act, 1961 are also suppose to file the required details for which the Chartered Accountants are the first source of such information. He also expressed that punitive action is the last resort and something which department is avoiding and the intention of the department is to organize more and more outreach program to train the people in a proper manner.
Earlier V. Muralidharan, Joint Director of Income Tax, mentioned that the wing is working hard to collect the data on the basis of which various inspections were undertaken to check the compliances. The efforts are being put in not only getting the data as well its analysis, but also on the compliance management. Chartered Accountants play an effective role and are the medium between the Assessee and the Department. It’s high time not only to educate the Assessee but also to tell how important these compliances are and the need for that. A transaction reported rightly in the SFT return will help the department to initiate the right action against the right person at the right time. All these data being collected will be the basis for the future course of action to be taken by the department.
Chairman of Nagpur Branch of ICAI, CA. Sandeep Jotwani in his welcome address mentioned that with the help of technology, department is working exceptionally well and the manner in which the department is analyzing the data and initiating the proceedings, will definitely help in bringing more and more persons to be a part of the main stream. It’s important the all those persons who are suppose to provide the required information, they should be aware of their responsibility for which more and more outreach programs can be arranged by the ICAI jointly with the department which will ultimately help in serving the intentions of all these compliances.
Dr. Kaumudi Patil DDIT(I&CI) explained the various provisions and also addressed about the various practical difficulties and also about the errors committed.
CA. Umang Agrawal co-ordinated the program whereas CA. Saket Bagdia proposed formal vote of thanks.
Prominently present on the occasion were Devendra Kumar- ITO, CA. Naresh Jakhotia, CA. Zoeb Anwar and members in large numbers.