TaxTMI 
TaxTMI 
Revised procedure for working of CIB.
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....ient features of the scheme are as under : i) Computer will be used for processing CIB data at all the CIB units in the country. ii) CIB unit functioning under DGIT(Inv) will collect information from the source heads codified by the Board. The threshhold-limit for a code will be determined by the DGIT(Inv). In Annexure-I certain monetary limits have been mentioned. These are only indicative. In these cases DGIT(Inv) may increase the limits keeping in view the local conditions. iii) The work of CIB shall be limited to collection, collation and dissemination of information only. No query letters will be issued by the CIB units. iv) The sorted CIB data will be transmitted, annually, to the jurisdictional range Addl./DCITs through t....
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....e computer in order to sort them address-wise and range-wise; all the addresses in a range and all the persons within an address will be arranged alphabetically. In this way all the transactions undertaken at a particular address by a person during a year will be grouped at one place and the information of all the transactions undertaken by all the persons with that address, say the members of one family, will also be available at that place which will help co-ordinated investigation. 4. The data is suggested to be arranged address-wise because in most places the jurisdiction of the ranges are territorial and the concerned ranges can be identified on the basis of the address. But in certain cases, say in company ranges at some places, th....
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....ng officer. In places where the jurisdiction is clearly defined so that the assessing officer can be quickly identified at the first instance, they can make appropriate modification to the procedure. The chief objective which should be kept in view is to ultimately pass on the information to the concerned assessing officer who will be responsible for the verification of the CIB information. 9. The assessing officer will use the data in the following manner : (i) If the return has been filed and the proceedings are pending he may send a notice under Section 133(6) to the assessee requiring him to confirm and furnish further details of the transactions and explain the source of investment/expenditure. If no proceedings are pending notic....
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....arter ending December, to the Board about : *(i) the number of informations distributed in the year. (ii) the number of informations verified till the quarter-end. (iii) the number of informations resulting in detecting new assessee. (iv) the number of new assessees detected. (v) the number of information resulting in selection of cases for scrutiny. (vi) the number of cases selected for scrutiny. (vii) the number of informations satisfactorily explained by the assessee. (viii) the number of informations remaining unverified. 12. The DGT must ensure that computer is used for processing CIB information. 13. This revised procedure for the working of the CIB unit supersedes all the earlier guidelines issued by the....
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.... 011 Land Acquisition Compensation paid for Authority acquisition of land. 12 012 Lottery Commission/ State Government Payment of winnings from lotteries, commission paid to agents. 13 013 Directorate of Industries Registration of new industries. 14 014 State Excise Department New registration, excise payments including fines & penalties. 15 015 Registrar of Property Transfer of immovable property. 16 016 Housing Building Authority /Housing Board Names, address of allottees, details of transaction. 17 017 Local Authorities Public Place contracts approval of building plan, new shops, bars, restaurants, cinema houses, clubs etc. 18 018 ....
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....es Names and addresses of Consignors and consignees. 30 030 Professional/Institutes/ Bodies Names & addresses of Doctors, Lawyers, Chartered Accountants, Cost Accountants, Architects, Engineers etc. 31 031 Advertising Agencies, Newspapers, T. V.channels etc. Advertisement expenditure including those political parties--Rs. 10, 000/- and above. 32 032 Stock Exchanges Names and addresses of the investors and persons who have entered into share transactions--Rs. 20,000 and above. Holders of Stock Exchange Card, list of brokers and sub-brokers details of payment. 33 033 Mutual Funds Names and address of investors --Rs. 20, 000 and above. 34 034 Cell....