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News Category : Income Tax

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 : 40

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 : 46

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 : 163

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 : 180

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 : 282

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 : 1899

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 : 178

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 : 258

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 : 377

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 : 874

Income Tax detects Rs 4,172 crore undisclosed income, seizes new note
Posted Date : 29-Dec-2016 , 10:07:09 pm | Posted By CASANSAAR

Over Rs 4,172 crore of un-disclosed income has been detected while new notes worth Rs 105 crore have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. Official source...

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Category : Income Tax | Comments : 0 | Hits : 250

Income Tax Dept to issue notice to those who bought car after November 8
Posted Date : 28-Dec-2016 , 08:13:38 am | Posted By CASANSAAR

After a series of raids across the country following demonetisation, the Income Tax Department is now taking a close look at car sales that were made after November 8. Car dealers across the country have been asked to share details of those buyers who made purchase after Prime Minister Narendra M...

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Category : Income Tax | Comments : 0 | Hits : 1396

Black money holders to bear taxes, penalties amounting to over 137% post raids
Posted Date : 28-Dec-2016 , 08:07:34 am | Posted By CASANSAAR

Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided. The Income Tax department, in a release, said, the total levy can touch 107.25 per cent if the undisclosed income i...

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Category : Income Tax | Comments : 0 | Hits : 345

25 lakh cars sold in India every year despite only 24 lakh people declaring income over Rs 10 lakh
Posted Date : 27-Dec-2016 , 08:18:16 pm | Posted By CASANSAAR

An average of 25 lakh cars including 35,000 luxury vehicles are sold in India every year despite only 24 lakh people declaring an annual income of over Rs 10 lakh, PTI reported on Tuesday. A senior government official told the agency that only 3.65 crore of the 125 crore people in the country filed ...

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Category : Income Tax | Comments : 1 | Hits : 288

No intention of govt to impose long-term capital gains tax - FM
Posted Date : 25-Dec-2016 , 11:08:12 pm | Posted By CASANSAAR

To assuage market fears, Finance Minister Arun Jaitley on Sunday said there is no move to impose long-term capital gains tax on share transactions, an issue investors are hugely touchy about. The statement came a day after Prime Minister Narendra Modi reportedly dropped a hint on increasing taxes...

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

SC to hear plea against tax exemption to political parties on Jan 11
Posted Date : 24-Dec-2016 , 08:35:34 am | Posted By CASANSAAR

The Supreme Court on Friday said it would next month hear a plea seeking quashing of a provision of the Income Tax (IT) Act on tax exemption to political parties on receiving voluntary contributions. A bench of justices Ashok Bhushan and L Nageswara Rao said there was no urgency in hearing the pl...

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Category : Income Tax | Comments : 0 | Hits : 159

Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Posted Date : 23-Dec-2016 , 03:48:00 pm | Posted By CASANSAAR

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016.  Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at...

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Category : Income Tax | Comments : 0 | Hits : 468

Govt allowed use of old notes for tax payment under PMGKY
Posted Date : 23-Dec-2016 , 09:02:15 am | Posted By CASANSAAR

The Govt has allowed use of old bank notes of 500 and 1,000 rupees for payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan ​​Yojana (PMGKY) till 30th of this month. Finance Ministry in a statement said, the Taxation and Investment Regime for PMGKY, 2016 h...

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Category : Income Tax | Comments : 0 | Hits : 252

Income Tax Dept warns taxpayers against sharing user ID, password
Posted Date : 23-Dec-2016 , 08:36:24 am | Posted By CASANSAAR

The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.  In an advisory to taxpayers, the department's TDS Centralised Process...

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

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
Posted Date : 22-Dec-2016 , 10:37:42 pm | Posted By CASANSAAR

  The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR...

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Category : Income Tax | Comments : 0 | Hits : 510

Income Tax detects Rs 3,185 cr black income; seizes Rs 86cr new notes
Posted Date : 21-Dec-2016 , 08:15:02 am | Posted By CASANSAAR

 Over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. Official s...

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Category : Income Tax | Comments : 0 | Hits : 333

CPE Hours Compliance date extended to 31st January 2017
Posted Date : 20-Dec-2016 , 08:45:42 am | Posted By CASANSAAR

Last date for compliance of CPE Hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017. ICAI has stipulated different type of requirements of CPE hours for different type of members based on age, COP holding, residential status, etc, for the current block p...

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Category : Income Tax | Comments : 0 | Hits : 975

Government decides to reduce the existing rate of deemed profit u/s 44AD
Posted Date : 20-Dec-2016 , 07:45:51 am | Posted By CASANSAAR

  Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Ru...

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Category : Income Tax | Comments : 0 | Hits : 749

Taxman sends 3000 notices for high bank deposits post notes ban
Posted Date : 17-Dec-2016 , 02:17:27 pm | Posted By CASANSAAR

The Income Tax Department has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation an...

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Category : Income Tax | Comments : 0 | Hits : 690

CBDT warns taxpayers against revising I-T return forms
Posted Date : 15-Dec-2016 , 08:12:22 am | Posted By CASANSAAR

In a stern warning to assessees trying to misuse the provision of revising Income Tax returns, the Central Board of Direct Taxes (CBDT) on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action. It said that post demonetisation announc...

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Category : Income Tax | Comments : 0 | Hits : 705

Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency
Posted Date : 15-Dec-2016 , 07:56:21 am | Posted By CASANSAAR

  Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein...

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Category : Income Tax | Comments : 0 | Hits : 303

Income Tax dept tells officers to not open last year’s assessments on higher turnover this year
Posted Date : 14-Dec-2016 , 08:56:06 am | Posted By CASANSAAR

In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods. In instructions to the assessing officers, the Central Boar...

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Category : Income Tax | Comments : 0 | Hits : 783

RBI asks banks to upload KYC with central registry from Jan 1
Posted Date : 10-Dec-2016 , 11:20:59 pm | Posted By CASANSAAR

Reserve Bank has directed all Scheduled Commercial Banks (SCBs) to upload the Know Your Customer or KYC data pertaining to new individual accounts opened on or after January 1, with Central KYC Records Registry. Besides, it has been decided to allow One Time Pin (OTP) based e-KYC subject to certain ...

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Category : Income Tax | Comments : 0 | Hits : 212

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad
Posted Date : 09-Dec-2016 , 07:32:06 am | Posted By CASANSAAR

Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy cu...

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Category : Income Tax | Comments : 0 | Hits : 550

Income Tax department rejects black money disclosures of over Rs 2 lakh crore
Posted Date : 04-Dec-2016 , 11:06:25 pm | Posted By CASANSAAR

The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind th...

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Category : Income Tax | Comments : 0 | Hits : 452

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