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News Category : Income Tax

Aadhaar mandatory for opening bank account, transactions of Rs 50000 and above
Posted Date : 16-Jun-2017 , 05:05:10 pm | Posted By CASANSAAR

In a fresh development, Government has made Aadhaar mandatory for opening a bank account. It has also made it mandatory for financial transactions of Rs 50,000 and above. All the existing account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will bec...

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Category : Income Tax | Comments : 0 | Hits : 375

DGFT creates GST Facilitation Cell for exporters
Posted Date : 10-Jun-2017 , 08:37:53 pm | Posted By CASANSAAR

DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other offic...

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Category : Income Tax | Comments : 0 | Hits : 129

SC upholds law making Aadhaar mandataory for PAN, ITR
Posted Date : 09-Jun-2017 , 10:00:12 pm | Posted By CASANSAAR

The Supreme Court today upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided. In effect, those who possess an Aadhaar card must link it to their Permanent A...

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Category : Income Tax | Comments : 0 | Hits : 469

Income Tax dept will probe cases of spike in income under revised returns
Posted Date : 09-Jun-2017 , 09:32:37 am | Posted By CASANSAAR

Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.  These cases are in addition to the 1 lakh high-risk cases already identified by the income tax department for scrutiny based on information gathered...

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Category : Income Tax | Comments : 0 | Hits : 649

Income Tax department might follow the GST path
Posted Date : 08-Jun-2017 , 07:17:17 am | Posted By CASANSAAR

India is soon going to follow the one-nation, one-tax principle after the implementation of the goods and services tax (GST) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the Income Tax Department.  The department might...

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Category : Income Tax | Comments : 0 | Hits : 767

Income Tax department sets capital gains tax rules straight on Esop, FDI
Posted Date : 06-Jun-2017 , 05:37:21 pm | Posted By CASANSAAR

In a significant decision, the Income-Tax Department has clarified about tax rules for capital gains tax made on certain equity investments in case no securities transactions tax (STT) has been paid, putting an end to the uncertainty that arose from the budget proposal relating to such transactions....

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Category : Income Tax | Comments : 0 | Hits : 335

Income Tax department warns against cash dealings of Rs 2 lakh
Posted Date : 05-Jun-2017 , 08:36:32 am | Posted By CASANSAAR

The Income-Tax Department warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to...

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Category : Income Tax | Comments : 0 | Hits : 572

Last Date for furnishing of SFT extended to 30th June 2017
Posted Date : 31-May-2017 , 02:32:49 pm | Posted By CASANSAAR

CBDT has extended the date of furnishing of the statement of financial transacation under Rule 114(5) of the Rules, read with sub section (1) of section 285BA of the Act for the Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of person throughout india who are liable to furnish ...

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Category : Income Tax | Comments : 0 | Hits : 3004

Undisclosed funds in someone else’s account can be seized: HC
Posted Date : 30-May-2017 , 10:41:12 am | Posted By CASANSAAR

The Delhi high court on Monday upheld the validity of one of the first post-demonetisation raids and seizures carried out by Income Tax authorities in the capital this year. A bench of Justices S Muralidhar and Chander Shekhar also said the department had powers to seize unexplained funds lying i...

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Category : Income Tax | Comments : 0 | Hits : 415

Income Tax dept launches facility to correct errors in PAN, Aadhaar
Posted Date : 23-May-2017 , 07:38:37 am | Posted By CASANSAAR

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing ...

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Category : Income Tax | Comments : 0 | Hits : 1118

FM launches clean money portal as govt tightens grip on tax evaders
Posted Date : 17-May-2017 , 08:28:04 am | Posted By CASANSAAR

The Centre has turned its heat on tax evaders with a new portal to investigate them.  The portal designed by the Central Board of Direct Taxes (CBDT) will identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean...

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Category : Income Tax | Comments : 0 | Hits : 1209

1.58 lakh taxpayers under I-T dept scanner for partial account declarations
Posted Date : 17-May-2017 , 07:54:36 am | Posted By CASANSAAR

The income tax department has identified 5.68 lakh new cases for verification, including 1.58 lakh taxpayers who made partial declaration of accounts in the past. Post demonetisation on 8 November, the tax department is flushed with information from various sources, including statement of financi...

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Category : Income Tax | Comments : 0 | Hits : 584

91 lakh persons come under tax net post note ban - FM
Posted Date : 17-May-2017 , 07:50:22 am | Posted By CASANSAAR

The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said. Launching a new website on 'Operation Clean Money', a programme to bring illegal wealth on books, he said the fallout of the November 8 de...

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Category : Income Tax | Comments : 0 | Hits : 236

Income Tax dept launches new e-facility to link your Aadhaar with PAN
Posted Date : 11-May-2017 , 08:12:50 pm | Posted By CASANSAAR

Income Tax (IT) Department simplifies linking PAN with Aadhaar for taxpayers using Income Tax India website  No need to login or be registered on the E-filing website for linking    The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadh...

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Category : Income Tax | Comments : 2 | Hits : 791

Enforcement Directorate, I-T department set to get more powers
Posted Date : 09-May-2017 , 04:27:39 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) and the Income Tax Department are set to get more teeth, with the Centre planning to empower the two agencies to auction assets of defaulters or those involved in money laundering, according to a report in Business Standard. The ED’s existing powers allow it...

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

GST council’s sub-panel to fix tax rates of goods, services by weekend
Posted Date : 03-May-2017 , 09:30:29 am | Posted By CASANSAAR

 The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unif...

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Category : Income Tax | Comments : 0 | Hits : 529

No income tax on salary deducted if notice period not served - ITAT
Posted Date : 22-Apr-2017 , 11:07:25 am | Posted By CASANSAAR

The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.  In this case, two companies while settling dues had deducted salary for the notice period which...

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Category : Income Tax | Comments : 0 | Hits : 577

Govt further extends deadline for deposits under PMGKY to April 30
Posted Date : 20-Apr-2017 , 09:04:33 am | Posted By CASANSAAR

Government has extended the last date to make deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) to 30th of this month for those availing the scheme and have already paid tax, surcharge and penalties.  The scheme, which opened in December last year, provided last chance to holders ...

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Category : Income Tax | Comments : 0 | Hits : 307

Income Tax Department detects over Rs 540 cr black money in last fortnight
Posted Date : 19-Apr-2017 , 02:10:24 pm | Posted By CASANSAAR

With the PMGKY black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion. Officials said the tax sleuths, in the first fortnight of the new financial year that began on Apr...

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Category : Income Tax | Comments : 0 | Hits : 336

4 lakh companies face deregistration for not filing Income Tax returns
Posted Date : 18-Apr-2017 , 08:22:06 am | Posted By CASANSAAR

As part of the crackdown on shell companies, over a third of the 11 lakh active Indian companies face the prospect of their names being struck off or deregistered as they have failed to file their income tax returns for three financial years. Starting last month, notices are being sent out to ove...

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Category : Income Tax | Comments : 0 | Hits : 507

60,000 notices afoot as Income Tax spots Rs 10K cr black money
Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR

A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...

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Category : Income Tax | Comments : 0 | Hits : 294

Income Tax department asks financial institutions to get accounts self-certified by April 30
Posted Date : 11-Apr-2017 , 05:44:33 pm | Posted By CASANSAAR

The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts.  "The account holders may be informed that, in case self-certifications are not provided till April 30, 2...

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Category : Income Tax | Comments : 0 | Hits : 414

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962
Posted Date : 11-Apr-2017 , 01:52:40 pm | Posted By CASANSAAR

The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain self-certification and carry out due diligence in resp...

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Category : Income Tax | Comments : 0 | Hits : 335

1.37 crore who don’t file returns are now on Income Tax radar
Posted Date : 07-Apr-2017 , 07:51:53 am | Posted By CASANSAAR

ARMED WITH information on cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions. Alongs...

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Category : Income Tax | Comments : 0 | Hits : 956

Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings
Posted Date : 06-Apr-2017 , 08:00:59 am | Posted By CASANSAAR

Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said today. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount wo...

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Category : Income Tax | Comments : 0 | Hits : 1034

Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Posted Date : 05-Apr-2017 , 08:48:54 pm | Posted By CASANSAAR

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 201...

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Category : Income Tax | Comments : 0 | Hits : 395

SC grants three weeks to Govt to fill up vacancies in ITAT
Posted Date : 03-Apr-2017 , 07:47:21 pm | Posted By CASANSAAR

The Supreme Court today granted three weeks to the Centre to fill up the vacancies of presidents and vice presidents in different benches of the Income Tax Appellate Tribunals (ITAT) across the country. A bench of Chief Justice J S Khehar and Justice D Y Chandrachud also asked Solicitor General R...

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

Most important income-tax changes which will apply from April 1, 2017
Posted Date : 25-Mar-2017 , 09:59:39 am | Posted By CASANSAAR

With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month:  1. With a decrease in tax rate from 10...

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Category : Income Tax | Comments : 0 | Hits : 4114

Income computation & disclosure standards to be applicable from April 2016
Posted Date : 24-Mar-2017 , 08:47:40 am | Posted By CASANSAAR

The income tax department on Thursday clarified that the income computation and disclosure standards (ICDS) will prevail over judicial precedents with effect from April 2016. ICDS are a set of 10 standards that will change the way companies calculate income in India. The ICDS norms were initially...

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Category : Income Tax | Comments : 0 | Hits : 1337

Govt removes 1% tax on cash purchase above Rs 2 lakh
Posted Date : 24-Mar-2017 , 08:44:34 am | Posted By CASANSAAR

The government has done away with the 1% tax on cash payments of over Rs2 lakh for purchase of any goods or service after it banned cash dealings above that limit from 1 April. Finance minister Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% f...

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Category : Income Tax | Comments : 0 | Hits : 1267

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