All foreign donations above Rs 1 crore will now come under the
scrutiny of the Income Tax department.
The Central Board of Direct Taxes (CBDT) has issued new
directives for selection of scrutiny cases during the financial year 2013-14 by
the taxman which also includes big ticket international transactions.
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The CBDT, in a latest directive, has asked I-T authorities to
check all foreign donations exceeding Rs 1 crore during the 2011-12 fiscal (relevant
for assessment year 2012—13) under the provisions of the Foreign Contribution
Regulation Act (FCRA) after picking them up from the official website of the
Ministry of Home Affairs (MHA).
The FCRA contribution details are updated and put in public domain
by the MHA.
CBDT, the top administrative body of the I-T department, has also
brought all international transactions (related to transfer pricing) over Rs 15
crore under the compulsory manual scrutiny of I-T sleuths.
The new rules also provide mandatory checking of tax statements
of all returns filed under section 147 (re—open cases) and 148 (income which
escaped assessment) of the I-T Act.
Other cases which have been brought under the mandatory tax
scanner include ‘income from property held for charitable or religious
purposes’ and select cases where survey operations (tax raids on business
premises) have been carried out on an entity.
The CBDT directive also said the taxman can pick up any case for
scrutiny “in respect of which information is received from other government
departments or other authorities pointing out tax evasion”.
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