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News Category : Income Tax

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 : 31

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 : 64

SRK must pay tax on notional rent from Dubai villa - ITAT
Posted Date : 23-Mar-2017 , 09:05:09 am | Posted By CASANSAAR

Actor Shah Rukh Khan has to include notional rent from his Dubai villa in his income-tax return filed in India, the Income-tax Appellate Tribunal (ITAT) has ruled. Khan had submitted to the ITAT that under the India-UAE tax treaty, income from immovable property in Dubai would be liable to tax in...

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Category : Income Tax | Comments : 0 | Hits : 249

Action will be taken against 9.3 lakh who didn't respond to Income Tax queries FM
Posted Date : 23-Mar-2017 , 08:59:45 am | Posted By CASANSAAR

Action will "definitely" be taken against 9.29 lakh entities who have not responded to the Income Tax department's queries over cash deposited by them which did not match their income profile, the government asserted today.  During the 50-day demonetisation period, 18 lakh enti...

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

Govt proposes to lower cash transaction limit to Rs.2 lakh
Posted Date : 22-Mar-2017 , 09:18:46 am | Posted By CASANSAAR

Continuing the clampdown on cash transactions, the Centre proposes to further tighten payment norms by capping cash transactions at Rs.2 lakh. “In the official amendment to the Finance Bill, 2017, the government has proposed that limit of Rs.3 lakh for cash transactions, beyond which it is ...

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

Income Tax department names and shames 29 defaulters
Posted Date : 19-Mar-2017 , 07:52:29 pm | Posted By CASANSAAR

Pursuing with its ‘name and shame’ policy, the income tax department published the names of 29 large defaulters on Saturday through advertisements in national news papers. Together, these defaulters owe Rs 448.02 crore to the I-T department. The dues include both income tax and corporate...

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Category : Income Tax | Comments : 0 | Hits : 617

No proposal to replace Income Tax with BTT - Govt
Posted Date : 18-Mar-2017 , 09:06:40 am | Posted By CASANSAAR

There is no proposal “at present” to replace Income Tax with Banking Transaction Tax or BTT, the government said today. To a query if the government has any proposal to replace the Income Tax with BTT, Minister of State for Finance Santosh Kumar Gangwar said: “There is no such p...

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Category : Income Tax | Comments : 0 | Hits : 464

Govt to write off tax dues up to Rs 100; 21.54 lakh to benefit
Posted Date : 18-Mar-2017 , 08:41:27 am | Posted By CASANSAAR

As one time measure, the government has decided to write off outstanding taxes of 21.54 lakh taxpayers who owe Rs 100 or less. This was stated by Minister of State for Finance Santosh Kumar Gangwar in a written reply in the Lok Sabha on Friday. He said that with a view to reducing the administ...

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Category : Income Tax | Comments : 0 | Hits : 334

CAG questions income tax dept’s ability to probe shell companies
Posted Date : 16-Mar-2017 , 09:29:52 am | Posted By CASANSAAR

Although the government has repeatedly vowed to prosecute shell companies for their role in money laundering, especially during the demonetisation period, the audit report prepared by the comptroller and auditor general (CAG) for FY 16 paints a bleak picture of the income tax department’s (ITD...

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

Income Tax dept issues 5,100 notices for suspicious deposits post cash ban
Posted Date : 16-Mar-2017 , 09:24:36 am | Posted By CASANSAAR

The income tax department has issued about 5,100 notices for high-value suspicious deposits post demonetisation and people have admitted to undisclosed income of over Rs 5,400 crore, Parliament was informed today. The department has conducted more than 1,100 search and survey operations and issued a...

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Category : Income Tax | Comments : 0 | Hits : 508

Govt approves only 10 startups for availing tax benefits
Posted Date : 16-Mar-2017 , 09:20:20 am | Posted By CASANSAAR

The government has approved only 10 startups for availing tax benefits since the launch of Startup India programme in January 2016, Parliament was informed today. As on March 9, the government received 1,835 applications for seeking recognition under the Startup India programme and out of this, 7...

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Category : Income Tax | Comments : 0 | Hits : 293

Income Tax dept initiates probe against petrol pumps for converting black money
Posted Date : 08-Mar-2017 , 07:37:25 am | Posted By CASANSAAR

Income Tax department has launched a probe against petrol pumps for suspected conversion of unaccounted cash during demonetisation. Petrol pumps were allowed to accept old currency notes in payments towards refueling of vehicles after demonetisation. They are under the scanner of the I-T departme...

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Category : Income Tax | Comments : 0 | Hits : 471

Govt set to prosecute 10 lakh shell companies for tax evasion
Posted Date : 02-Mar-2017 , 08:00:27 am | Posted By CASANSAAR

A government task force on action against shell companies has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry to check future black money generation through them. The special task force, with members from various central probe and enforcement agencies, has ...

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Category : Income Tax | Comments : 0 | Hits : 905

Income Tax dept to go easy on Rs 5 lakh deposits by people above 70 years
Posted Date : 23-Feb-2017 , 08:03:51 am | Posted By CASANSAAR

The Income tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs 2.5 lakh for other individuals. “There is absolutely no cause for panic. We are not going after everyon...

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

Income Tax Dept to Launch 2nd phase of Bank Accounts' scrutiny next month
Posted Date : 21-Feb-2017 , 06:49:44 am | Posted By CASANSAAR

The Income Tax department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs. 5 lakh for now. The Income Tax department will appoint two data analytics firms in next...

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Category : Income Tax | Comments : 0 | Hits : 860

Children's accounts to come under Income Tax scanner
Posted Date : 20-Feb-2017 , 08:01:15 am | Posted By CASANSAAR

Bank accounts in the name of children and a sudden surge of balance in them in the weeks after November 8 demonetisation will now be scrutinised by income tax authorities.  Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails t...

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Category : Income Tax | Comments : 0 | Hits : 653

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 : 718

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 : 478

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 : 264

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 : 1048

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 : 271

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 : 448

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 : 248

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 : 996

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 : 389

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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Category : Income Tax | Comments : 0 | Hits : 302

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 : 139

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 : 1227

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 : 572

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 : 121

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