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News Category : Income Tax

Income Tax dept to follow-up with over 1 million taxpayers on high-value deposits
Posted Date : 18-Feb-2017 , 08:29:21 am | Posted By CASANSAAR

The income tax (I-T) department will issue follow-up letters to more than 1 million taxpayers who have failed to respond to its missives to explain high-value cash deposits in bank accounts between 9 November and 30 December. As part of Operation Clean Money, to begin with, the department had sen...

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Category : Income Tax | Comments : 0 | Hits : 494

Online Income Tax grievance redressal facility launched at 60 offices
Posted Date : 16-Feb-2017 , 08:07:25 am | Posted By CASANSAAR

After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Ke...

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Category : Income Tax | Comments : 0 | Hits : 446

Income Tax department's mobile app for income tax, PAN soon
Posted Date : 16-Feb-2017 , 08:00:13 am | Posted By CASANSAAR

The Income Tax department is developing an App that will soon allow assesses to pay taxes or apply for PAN using smartphones. The department is also working on a project to issue Permanent Account Numbers, PAN to assesses within minutes by way of e-KYC authentication using Aadhaar.  It will ...

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Category : Income Tax | Comments : 0 | Hits : 227

5.27 lakh assessees respond to Income Tax query on cash deposits
Posted Date : 14-Feb-2017 , 07:59:37 am | Posted By CASANSAAR

The Income Tax Department today said ‘Operation Clean Money’ launched for e-verification of large cash deposits made during the period from November 9 to December 30 last year has received an overwhelming response with more than 5.27 lakh taxpayers submitting their response out of the 18...

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Category : Income Tax | Comments : 0 | Hits : 953

Income Tax dept issues 1.62 cr refunds worth Rs 1.42 lakh cr
Posted Date : 14-Feb-2017 , 07:52:51 am | Posted By CASANSAAR

The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current...

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Category : Income Tax | Comments : 0 | Hits : 201

Income Tax dept extends response window on deposit details to Feb 15
Posted Date : 12-Feb-2017 , 10:26:16 pm | Posted By CASANSAAR

The Income Tax department has extended the date for replying to the queries on cash deposits during the demonetisation period till Wednesday. On 31st of last month, the tax department had launched 'Operation Clean Money' under which it had sent out SMS and e-mails to 18 lakh assessees in ...

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Category : Income Tax | Comments : 0 | Hits : 369

Govt permits taxpayers to make multiple deposits under PMGKY
Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR

The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY). The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...

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Category : Income Tax | Comments : 0 | Hits : 175

Taxman not to ask questions on deposits up to Rs 2.5 lakh: I-T dept
Posted Date : 06-Feb-2017 , 11:33:18 pm | Posted By CASANSAAR

Providing clarity on scrutiny of deposits made in banks post demonetisation, the I-T department said on Monday that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the income tax d...

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Category : Income Tax | Comments : 0 | Hits : 926

Income tax dept scans 1-cr accounts under Operation Clean Money
Posted Date : 05-Feb-2017 , 10:12:17 pm | Posted By CASANSAAR

In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the income tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund. The tax department has run big data analytics through more than 1...

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Category : Income Tax | Comments : 0 | Hits : 310

Taxmen can dig in past 10 years of returns to unearth black money
Posted Date : 03-Feb-2017 , 10:24:31 pm | Posted By CASANSAAR

In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh. The present ceiling for scrutiny of past returns of income is six years. In the Budget for ...

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Possession of scrapped notes to be punishable
Posted Date : 03-Feb-2017 , 10:13:57 pm | Posted By CASANSAAR

Holding of more than 10 scrapped notes of Rs 500/1000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new bill introduced in the Lok Sabha today with an aim of eliminating the "possibility of running a parallel economy" using these. The Bill, to replace ...

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Category : Income Tax | Comments : 0 | Hits : 128

100% penalty on cash transaction above 3 lakh - RS
Posted Date : 03-Feb-2017 , 08:25:55 am | Posted By CASANSAAR

Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.  Union Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT)...

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Category : Income Tax | Comments : 0 | Hits : 1090

Income Tax dept asks taxpayers to verify online deposits made post demonetization
Posted Date : 02-Feb-2017 , 10:58:52 pm | Posted By CASANSAAR

Income Tax Department has asked taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch. The department is using data analytics for comparison of deposits made after 8th of November last year with information in its database t...

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Category : Income Tax | Comments : 0 | Hits : 516

ITAT mulls video-courts to help tackle issue of pendency
Posted Date : 31-Jan-2017 , 09:35:04 am | Posted By CASANSAAR

Circuit benches of Income Tax Appellate Tribunal (ITAT) will hold regular sittings at Guwahati, Coimbatore, and Madurai. ITAT has proposed setting up of video courts in these cities to go with such video courts already functional at Rajkot, Jabalpur, Nagpur, Raipur and Surat, Dev Darshan Sud, presid...

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Category : Income Tax | Comments : 0 | Hits : 110

I.Tax Dept begins action under Benami Transaction Act; Issues 87 notices and attaches 42 assets.
Posted Date : 31-Jan-2017 , 09:07:33 am | Posted By CASANSAAR

Income Tax department has initiated action under the newly enforced Benami Act. IT Department said, post demonetisation it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under Benami Transactions Act. The Act attracts a heavy penalty and rigorous jail term of a ...

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Category : Income Tax | Comments : 0 | Hits : 936

Income Tax Dept to probe deeper into suspicious bank accounts
Posted Date : 24-Jan-2017 , 08:24:59 am | Posted By CASANSAAR

The Income Tax Department has widened its scrutiny of suspicious transactions postdemonetisation to cover term deposit accounts, loan repayments and advance remittances for imports in the postdemonetisation period. A senior official confirmed that after analysing cash deposits made in bank and po...

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Category : Income Tax | Comments : 0 | Hits : 148

Finance Ministry may review tax regime on long-term capital gains
Posted Date : 23-Jan-2017 , 10:23:43 pm | Posted By CASANSAAR

The finance ministry reviewing the long-term capital gains (LTCG) taxation regime ahead of the Union Budget 2017-18, in the backdrop of Prime Minister Narendra Modi’s suggestion of increasing contribution of financial market participants to the exchequer. Sources said the review may lead to...

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Category : Income Tax | Comments : 0 | Hits : 283

Cooperative banks can't accept deposits under PMGKY - Govt
Posted Date : 21-Jan-2017 , 09:10:10 pm | Posted By CASANSAAR

Government today clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit.  The PMGKDS permits voluntary declarat...

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Category : Income Tax | Comments : 0 | Hits : 72

Cooperative banks can't accept deposits under PMGKY - Govt
Posted Date : 21-Jan-2017 , 09:09:32 pm | Posted By CASANSAAR

Government today clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit.  The PMGKDS permits voluntary declarat...

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Category : Income Tax | Comments : 0 | Hits : 49

Income Tax dept gets over Rs300 crore declarations under PMGKY
Posted Date : 21-Jan-2017 , 09:43:46 am | Posted By CASANSAAR

The income tax department has received confirmations for over Rs300 crore declarations from across the country till now as part of the ongoing black money window called the Pradhan Mantri Garib Kalyan Yojna (PMGKY), brought out by the government post demonetisation. Officials said I-T department ...

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Category : Income Tax | Comments : 0 | Hits : 120

Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016
Posted Date : 19-Jan-2017 , 08:25:22 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016.  It also appr...

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Category : Income Tax | Comments : 0 | Hits : 119

Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Posted Date : 19-Jan-2017 , 08:24:23 am | Posted By CASANSAAR

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017.  CBDT has received queries from stakeholders seeking clarifications about various provisions of the Scheme. The is...

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Category : Income Tax | Comments : 0 | Hits : 127

CBDT puts on hold circular on taxation of indirect transfer of shares
Posted Date : 18-Jan-2017 , 09:00:47 am | Posted By CASANSAAR

In a bid to soothe the nerves of foreign portfolio investors spooked by a fresh tax burden on indirect transfers mooted by the Central Board of Direct Taxes last month, the finance ministry stepped into the picture on Tuesday and put the tax department missive in abeyance till further notice. The...

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Category : Income Tax | Comments : 0 | Hits : 244

Income Tax Dept bags e-Governance award for e-filing initiative
Posted Date : 11-Jan-2017 , 08:32:15 am | Posted By CASANSAAR

Income Tax Department has won National Awards on e-Governance 2016-17 for its e-filing initiative.  It has been conferred the silver award in the National Awards on e-Governance for the e-filing of Income Tax returns and other forms project in the category "Incremental Innovations"...

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Category : Income Tax | Comments : 0 | Hits : 191

Rs 3-4 lakh crore of evaded income deposited in banks post demonetisation
Posted Date : 10-Jan-2017 , 02:57:19 pm | Posted By CASANSAAR

The government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of ...

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Category : Income Tax | Comments : 0 | Hits : 299

Income tax department to rope in auditors to probe bank deposits
Posted Date : 09-Jan-2017 , 07:46:00 am | Posted By CASANSAAR

With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money. Following the note ba...

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Category : Income Tax | Comments : 0 | Hits : 2016

General Anti-Avoidance Tax Rule to kick in from April 2017
Posted Date : 09-Jan-2017 , 07:34:18 am | Posted By CASANSAAR

The General Anti-Avoidance Rule,GAAR, will kick in from April 1, 2017 said the Central Board for Direct Taxes today. GAAR was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance.  During the 2015 Budget presentation, Finance Mini...

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Category : Income Tax | Comments : 0 | Hits : 193

Income tax department signs three advance pricing pacts with taxpayers
Posted Date : 05-Jan-2017 , 08:41:52 am | Posted By CASANSAAR

The Income tax department signed three advance pricing agreements (APAs) with taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The three APAs signed today pertain to engineering goods and shipping sectors of the economy. The international transactions cover...

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Category : Income Tax | Comments : 0 | Hits : 261

Income Tax dept to ensure no grievance remains pending over 30 days
Posted Date : 04-Jan-2017 , 09:12:12 am | Posted By CASANSAAR

In what could come as a good news for taxpayers in the new year, the Income Tax department has asked its officials to resolve their grievances within 30 days time. The department's new wing called the 'Directorate of Tax Payer Services' has asked all the regional heads of the I-T to e...

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Category : Income Tax | Comments : 0 | Hits : 391

ICAI launches first Cost and Management Accounts Lab
Posted Date : 04-Jan-2017 , 08:54:56 am | Posted By CASANSAAR

The Institute of Cost Accountants of India (ICAI) has commenced a capacity building exercise. It has marked the initiative with the launch of the country’s first CMA (Cost and Management Accounts) Lab at Coimbatore. The facility was inaugurated by Manas Kumar Thakur, President of the Institute...

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Category : Income Tax | Comments : 0 | Hits : 920

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