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News Category : Income Tax

I-T Dept to file pleas in NCLT to extract tax dues of Shell Companies
Posted Date : 22-May-2018 , 07:36:36 am | Posted By CASANSAAR

The Income Tax (I-T) Department is an "aggrieved creditor" to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees.  The Central Board of Direct Taxes (CBDT) has directed the I-T Department to form a s...

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Category : Income Tax | Comments : 0 | Hits : 18

Income tax dept cautions TDS deductors against quarterly filing default
Posted Date : 19-May-2018 , 12:53:59 am | Posted By CASANSAAR

The Income Tax Department (ITD) cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.  The Central Board of Direct Taxes (CBDT), that frames policy for the department, is...

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Category : Income Tax | Comments : 0 | Hits : 1108

Subramanian Swamy pitches for abolition of income tax
Posted Date : 12-May-2018 , 08:58:14 am | Posted By CASANSAAR

Bharatiya Janata Party MP, Subramanian Swamy on Friday pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country. He said it is essentially the middle class and young generation of startup entrepreneurs who suffer because of incom...

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Category : Income Tax | Comments : 1 | Hits : 602

Walmart-Flipkart deal to face scrutiny from income tax dept
Posted Date : 10-May-2018 , 10:46:11 am | Posted By CASANSAAR

The Walmart-Flipkart deal will face fresh scrutiny from the income tax department. Even before Walmart’s acquisition of 77 per cent stake in Flipkart became official on Wednesday, the income tax department had sent a communication to the company, apprising them about the Sections of the Income...

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Category : Income Tax | Comments : 1 | Hits : 588

SC censures Income Tax dept for delay in filing appeal
Posted Date : 08-May-2018 , 10:35:42 am | Posted By CASANSAAR

The Supreme Court today came down heavily on the Income Tax Department for delayed filing of appeals in high courts and in the apex court. A bench comprising Justices A K Sikri and Ashok Bhushan took strong note of the usual delay in filing appeals by the IT department in cases related to income ...

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Category : Income Tax | Comments : 0 | Hits : 264

27th GST Council meet Highlights
Posted Date : 05-May-2018 , 11:04:35 am | Posted By CASANSAAR

The GST Council on Friday decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. In its 27th meeting, the GST Council also decided to take complete ownership of the go...

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

SEBI allows exchanges to extend derivative trade till 11.55 pm
Posted Date : 05-May-2018 , 09:55:57 am | Posted By CASANSAAR

Markets regulator SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange.  This is similar to the trading hours for commodity de...

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Category : Income Tax | Comments : 0 | Hits : 165

Income Tax Dept detects Rs 1 lakh Cr unreported high value transactions
Posted Date : 04-May-2018 , 09:24:35 am | Posted By CASANSAAR

The Income Tax (IT) department has detected three lakh unreported transactions in the financial year 2017-18, sources revealed on Thursday. The value of these transactions detected is more that Rs. one lakh crore. These unreported transactions were detected by the Directorate of Intelligence and ...

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Category : Income Tax | Comments : 0 | Hits : 998

Discounts by Flipkart are not taxable - ITAT
Posted Date : 26-Apr-2018 , 10:07:11 am | Posted By CASANSAAR

 Flipkart won respite from the Income-Tax Appellate Tribunal in Bengaluru, which rejected the revenue department’s contention that discounts doled out on India’s largest online retailing platform two years ago should be reclassified as capital expenditure and are not eligible for de...

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Category : Income Tax | Comments : 0 | Hits : 2110

Income Tax department warns salaried class again filing wrong ITRs
Posted Date : 19-Apr-2018 , 01:34:30 pm | Posted By CASANSAAR

The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them....

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Category : Income Tax | Comments : 0 | Hits : 591

CBI arrests income tax commissioner for accepting bribe of Rs 40 lakh
Posted Date : 14-Apr-2018 , 12:05:18 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI), on Friday, arrested an income tax commissioner while taking a bribe of Rs 40 lakh. CBI said that a 1988 batch India Revenue Services (IRS) officer Swetabh Suman was caught red-handed while accepting a bribe of Rs 40 lakh. Along with Suman, his junior Pra...

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Category : Income Tax | Comments : 0 | Hits : 3190

Mutual fund nominees, wives of HNIs, NRIs on Black Money Watch list
Posted Date : 13-Apr-2018 , 11:50:25 pm | Posted By CASANSAAR

In a bid to nab holders of benami property, the Income Tax Department has issued notices to nominees in mutual funds, wives of HNIs who don’t file income tax returns, NRIs who may have sold real estate in last few years and even those who had deposited more than Rs 1 lakh during demonetisation...

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Category : Income Tax | Comments : 0 | Hits : 364

Startups with up to Rs 10-cr investment to get tax concession
Posted Date : 13-Apr-2018 , 08:42:11 am | Posted By CASANSAAR

In an attempt to make it easier for start-ups to attract investments, the Centre has introduced some amendments in rules including a clarification on angel investors funding and allowing online applications for start-up certification. The government on Thursday allowed start-ups to avail tax conc...

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Category : Income Tax | Comments : 0 | Hits : 987

Direct tax collections grow 17% to Rs 9.95 lakh crores in 2017-18
Posted Date : 03-Apr-2018 , 09:42:21 am | Posted By CASANSAAR

The Direct Tax collections for the fiscal year 2017-18 stood at 9(point)95 lakh crore rupees, which is 17(point)1 per cent higher than net collection of 2016-17.  The tax collections during the fiscal year 2017-18 has exceeded the budget estimates of 9.80 lakh crore rupees.  Briefing...

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Category : Income Tax | Comments : 1 | Hits : 1853

Income Tax Dept names and shames 24 defaulters owing Rs 4.9 bn in taxes
Posted Date : 30-Mar-2018 , 09:57:59 am | Posted By CASANSAAR

The Income-Tax Department on Thursday released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues. The department issued an advertisement as part...

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Category : Income Tax | Comments : 0 | Hits : 1392

Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2018
Posted Date : 27-Mar-2018 , 05:21:13 pm | Posted By CASANSAAR

The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31st March, 2018. The Financial Year 2017-18 closes on 31st March, 2018 which is a Saturday. 29th & 30th March, 2018 are also closed holidays. Therefore, to fac...

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Category : Income Tax | Comments : 0 | Hits : 349

Govt issues clarification regarding furnishing of Country-by Country Report under Income Tax
Posted Date : 27-Mar-2018 , 08:29:41 am | Posted By CASANSAAR

In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-...

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Category : Income Tax | Comments : 0 | Hits : 723

Government sets up task force to draft new Direct Tax Law
Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR

Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.  Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...

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Category : Income Tax | Comments : 0 | Hits : 388

Bank unions demand JPC probe into PNB fraud case
Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR

Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI). "We are demanding a detailed JPC probe into the rec...

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Category : Income Tax | Comments : 0 | Hits : 225

ICICI Bank Chief Chanda Kocchar, Axis Bank MD Shikha Sharma summoned in PNB fraud case
Posted Date : 06-Mar-2018 , 03:08:36 pm | Posted By CASANSAAR

ICICI Bank Chief Chanda Kocchar and Axis Bank Managing Director Shikha Sharma were summoned for interrogation on Tuesday by Serious Fraud Investigation Office (SFIO), Mumbai, in the Punjab National Bank (PNB) scam case. Both the bankers have been summoned in a case of over 5,000 crore rupee worki...

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Category : Income Tax | Comments : 0 | Hits : 842

CBI lens on Infosys staff, I-T officials and fake CA for fraud
Posted Date : 03-Mar-2018 , 01:00:52 am | Posted By CASANSAAR

The CBI is investigating a “revised tax returns” fraud involving several unknown employees of Infosys Technologies, officials from the I-T department and one fake CA from Bengaluru. This scam, benefiting employees of bellwether IT companies, was unearthed by the I-T department in late Ja...

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Category : Income Tax | Comments : 0 | Hits : 1489

IT raid cases will not be processed under e-assessment - CBDT
Posted Date : 14-Feb-2018 , 09:19:04 am | Posted By CASANSAAR

The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the Central Board of Direct Taxes has said. The CBDT added that the current system of ...

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Category : Income Tax | Comments : 0 | Hits : 398

Big relief for individuals! I-T scrutiny turns faceless with e-proceeding facility
Posted Date : 13-Feb-2018 , 04:22:20 pm | Posted By CASANSAAR

In a big relief for individuals facing income-tax (IT) scrutiny, the I-T department has said all further interaction would happen only through 'Eproceeding' facility, making the entire process faceless.  In a direction issued to the field officers Monday, the Central Board of Direct ...

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Category : Income Tax | Comments : 0 | Hits : 558

Govt mulls making PAN an Aadhaar-like unique ID for businesses
Posted Date : 12-Feb-2018 , 08:42:34 am | Posted By CASANSAAR

The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by Finance Minister Arun Jaitley in his budget speech. An official told the Economic Times, this would help redu...

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Category : Income Tax | Comments : 0 | Hits : 688

Government mops up Rs 26,500 crore from those who didn't file tax returns
Posted Date : 10-Feb-2018 , 10:36:42 am | Posted By CASANSAAR

The government's drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till December. In a written r...

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Category : Income Tax | Comments : 0 | Hits : 850

Direct tax collection grows Rs 6.95 lakh crore during April-January period
Posted Date : 09-Feb-2018 , 09:15:45 pm | Posted By CASANSAAR

The government's direct tax collection has grown 6(point)95 lakh crore rupees during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period. The net collections for Corporate Income Tax, CIT, showed a growth of 19.2 per cent and for Personal Income ...

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Category : Income Tax | Comments : 0 | Hits : 169

Income Tax dept issues notices to crypto currency investors - CBDT
Posted Date : 06-Feb-2018 , 08:59:39 pm | Posted By CASANSAAR

The income tax department is issuing notices to people who invested in crypto currencies like bitcoin but did not declare income or ‘profits earned’ from them, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Tuesday. The department has found that there is no clari...

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Category : Income Tax | Comments : 0 | Hits : 542

E-assessment of a taxpayer to be handled by two officers - CBDT
Posted Date : 02-Feb-2018 , 08:55:17 am | Posted By CASANSAAR

In a departure from the age-old procedure, the Central Board of Direct Taxes (CBDT) has stipulated that the ambitious e-assessment of a taxpayer will henceforth be handled by two officers, instead of the current system involving a single assessing officer (AO).  CBDT Chairman Sushil Chandra ...

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Category : Income Tax | Comments : 0 | Hits : 1335

Do not donate over Rs.2,000 in cash to political parties - Income Tax Department
Posted Date : 24-Jan-2018 , 08:53:46 am | Posted By CASANSAAR

The Income Tax Department on Tuesday cautioned people against indulging in illegal cash transactions including donating more than Rs.2000 to political parties. In a bid to clean up election funding, the government early this year had notified ‘electoral bonds’ that can be bought from ...

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Category : Income Tax | Comments : 0 | Hits : 420

Increase tax exemption limit to Rs 3 lakh - SEBI
Posted Date : 23-Jan-2018 , 08:39:57 am | Posted By CASANSAAR

With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, a SBI report said today. The move will benefit around 75 lakh people, it said. The SBI's Ecowrap report further said that if the exemption limit of ...

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Category : Income Tax | Comments : 0 | Hits : 424

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