Earning At High Pace? Get Set For A Tax Scan!

BANGALORE: Attention! Money making tycoons and organization, it may be you who is on the target of IT department raid. Central Board of Direct Taxes (CBDT)has decided to open up the tax files to settle up a balance between the companies growing with faster rate with the sectors growing at slower pace.

Sectors such as FMGC, logistics, alcoholic beverages and e-commerce companies are under the surveillance of IT department. 

CBDT has alerted the top income earners who could give revenue to the tax department with regard to their allowances, incentives and remuneration.

According to CBDT, "Turnaround sectors during the last financial year such as FMCG, pharma, logistics, e-tailing companies and alcoholic beverages may be monitored. E-commerce has emerged as a huge business in the past few years. This area promises to yield significant revenues,” reports Business Standard.

"Tax collected at source at one per cent from buyer of scrap and minerals, being coal, lignite or iron, and at two per cent of the amount payable for award of lease for parking lots, toll plaza, mining and quarrying are other areas to be actively pursued for collection of revenue,"  added CBDT.

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