New Delhi : All foreign donations above Rs 1 crore will now come under the scrutiny of the Income Tax department, reports PTI.
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.
The scrutiny is a diligent procedure applied by the I-T authorities to a select few cases in order to check any possible tax evasion. The CBDT, in a latest order, 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.
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.
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.