Today, the revenue department asked the Reserve bank to file Annual Information Return (AIR) Click for Options tips on certain foreign remittances and state electricity boards on power used by several kind of steel makers.
Expert said the directive is aimed at using the AIR route to detect cases of Service Tax and Excise evasion. Over the last few years, the govt has been gathering information from third party sources to detect cases of incorrect declarations & tax evasion.
CBEC - A notification in this regard is issued by the Central Board of Excise and Customs in the Finance Ministry. "The medium of AIR has been extensively used in case of income tax and in latest times has been expanded to indirect taxes as well. In continuation of the same the govt declared two new categories of regulators who would be required to submit an AIR from the up coming fiscal year," M S Mani, Deloitte India, told.
Expert said the directive is aimed at using the AIR route to detect cases of Service Tax and Excise evasion. Over the last few years, the govt has been gathering information from third party sources to detect cases of incorrect declarations & tax evasion.
CBEC - A notification in this regard is issued by the Central Board of Excise and Customs in the Finance Ministry. "The medium of AIR has been extensively used in case of income tax and in latest times has been expanded to indirect taxes as well. In continuation of the same the govt declared two new categories of regulators who would be required to submit an AIR from the up coming fiscal year," M S Mani, Deloitte India, told.
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