TaxTonic #37: Widening Net of Tax Prosecution!
- Year of Publication: 2023
- ISBN: 0
Episode Duration:
100 Minutes
Episode Background:
'TaxTonic', a 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
- Mr. Ajay Singh (Advocate)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
It is indeed noteworthy that the Income Tax Act, 1922 had only two sections for prosecution and rather astonishing that the Income Tax Act, 1961 (ITA) currently has nearly 20 provisions for prosecuting the taxpayers. The 1971 Wanchoo Committee Report on Tax Administration specifically stressed on the necessity of a vigorous prosecution policy and its implementation, unsparingly. Despite the substantive enactment of various provisions relating to prosecution under the ITA, C & AG in its 2012 Report noticed that the Tax Department delayed the initiation of prosecution even in approved cases. The C & AG Report also noticed that the CBDT did not utilise the prosecution mechanism to ensure tax compliance by invoking Section 276CC of the ITA. Taking a serious note of the above observations from various reports, the Tax Department issued specific instructions to launch and monitor prosecution for various offences under the ITA.
In this episode of TaxTonic, Taxsutra presents a comprehensive discussion on the complexities surrounding the law and practice of prosecution under the ITA. The webinar primarily covers:
1. Evolution of law relating to Prosecution under ITA.
2. Interplay of ITA with CrPC & IPC.
3. Section 482 of CrPC and its interplay with Prosecution.
4. Importance of Reasonable Cause under Section 278AA & “Mens Rea” under Section 278E.
5. Steps involved in launching Prosecution and opportunity to the taxpayers.
6. Offences by Companies.
7. Law relating to prosecution for:
a. TDS defaults - Section 276B
b. Wilful attempt to evade tax - Section 276C
c. Non-filing of ITR - Section 276CC
d. Abetment of false return, etc. - Section 278
8. Compounding Guidelines
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2023
- ISBN: 0
Episode Duration:
100 Minutes
Episode Background:
'TaxTonic', a 'subscriber only' thought leadership series, is Taxsutra's endeavour to consistently deliver top notch technical content to it's readers. The labyrinth of tax rulings on convoluted transactions keeps the world of taxation unpredictable and ever-evolving. This series will feature engrossing presentations, incisive analyses and a deep-dive by the tax experts on burning issues & controversies. So, gear up for a 'tonic' to chisel your tax mind and challenge your wit.
Speaker:
- Mr. Ajay Singh (Advocate)
Moderator:
Mr. Sachin Sastakar (Chartered Accountant)
What shall the episode cover?
It is indeed noteworthy that the Income Tax Act, 1922 had only two sections for prosecution and rather astonishing that the Income Tax Act, 1961 (ITA) currently has nearly 20 provisions for prosecuting the taxpayers. The 1971 Wanchoo Committee Report on Tax Administration specifically stressed on the necessity of a vigorous prosecution policy and its implementation, unsparingly. Despite the substantive enactment of various provisions relating to prosecution under the ITA, C & AG in its 2012 Report noticed that the Tax Department delayed the initiation of prosecution even in approved cases. The C & AG Report also noticed that the CBDT did not utilise the prosecution mechanism to ensure tax compliance by invoking Section 276CC of the ITA. Taking a serious note of the above observations from various reports, the Tax Department issued specific instructions to launch and monitor prosecution for various offences under the ITA.
In this episode of TaxTonic, Taxsutra presents a comprehensive discussion on the complexities surrounding the law and practice of prosecution under the ITA. The webinar primarily covers:
1. Evolution of law relating to Prosecution under ITA.
2. Interplay of ITA with CrPC & IPC.
3. Section 482 of CrPC and its interplay with Prosecution.
4. Importance of Reasonable Cause under Section 278AA & “Mens Rea” under Section 278E.
5. Steps involved in launching Prosecution and opportunity to the taxpayers.
6. Offences by Companies.
7. Law relating to prosecution for:
a. TDS defaults - Section 276B
b. Wilful attempt to evade tax - Section 276C
c. Non-filing of ITR - Section 276CC
d. Abetment of false return, etc. - Section 278
8. Compounding Guidelines
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
