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News Category : Income Tax

Income tax dept attaches benami properties worth Rs 3,500 crore
Posted Date : 12-Jan-2018 , 09:03:23 am | Posted By CASANSAAR

Buying real estate in the names of proxies and depositing demonetized cash in bank accounts of multiple employees were among the ways tax evaders laundered unaccounted wealth after the November 2016 demonetisation of high-value banknotes, the income tax department said on Thursday. Intensive effo...

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

Income Tax Dept warns of 7-year jail term and hefty fine in Benami Transactions
Posted Date : 11-Jan-2018 , 09:43:05 am | Posted By CASANSAAR

The Income-Tax Department on Wednesday warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years. The department put out its alert in an advertisement published...

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Category : Income Tax | Comments : 0 | Hits : 757

CBI arrests Income Tax officer for accepting bribe
Posted Date : 04-Jan-2018 , 08:26:39 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) on Wednesday arrested a Mumbai-based Income Tax officer for demanding and accepting a bribe of Rs 1 lakh from a person.  A case was registered against the accused under Section 7 of PC Act 1988 after a complaint was filed against the officer for alle...

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Category : Income Tax | Comments : 0 | Hits : 1115

Income Tax Dept launches new e-Filing helpline for taxpayers
Posted Date : 02-Jan-2018 , 08:45:06 am | Posted By CASANSAAR

The income tax department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online. The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: I...

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Category : Income Tax | Comments : 0 | Hits : 561

NCLT grants Bhushan Steel’s creditors permission to extend resolution period
Posted Date : 22-Dec-2017 , 09:06:46 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has granted Bhushan Steel’s committee of creditors (CoC) permission to extend the resolution period by 90 days beyond the initial 180-day time frame. On a plea of State Bank of India, Bhushan Steel was admitted in the insolvency court on July 26, under ...

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Category : Income Tax | Comments : 0 | Hits : 459

FinMin Release of Income Tax Return Statistics for AY 2015-16
Posted Date : 21-Dec-2017 , 09:12:34 am | Posted By CASANSAAR

In continuation of its efforts to place more and more information in public domain, the Central Board of Direct Taxes(CBDT) has released data relating to distribution of income and tax payable in respect of returns filed for the Assessment Year 2015-16. With this release, detailed income-tax data fo...

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Category : Income Tax | Comments : 0 | Hits : 441

Faceless and Nameless E-Assessment for Income Tax payers from 2018
Posted Date : 19-Dec-2017 , 08:43:25 pm | Posted By CASANSAAR

The government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal.  The Central Board of Di...

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Category : Income Tax | Comments : 0 | Hits : 1602

SC extends Aadhaar-linking deadline for mobile phones, bank accounts to March 31
Posted Date : 15-Dec-2017 , 02:11:14 pm | Posted By CASANSAAR

The Supreme Court on Friday extended the deadline for linking of Aadhaar with mobile phone services and opening of new bank accounts to March 31, 2018, amid legal challenges over the legitimacy of the government’s push to make the biometric identification program mandatory. The five-judge c...

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Category : Income Tax | Comments : 0 | Hits : 339

ED to issue FEMA notices to 46 Indian entities in PANAMA case
Posted Date : 15-Dec-2017 , 09:11:32 am | Posted By CASANSAAR

The Enforcement Directorate (ED) is set to issue fresh notices to more than 45 Indian entities named in the Panama Papers list on charges of possible forex law violations, official sources today said. The agency, they said, is investigating about 46 "actionable" cases of Indians on this...

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Category : Income Tax | Comments : 0 | Hits : 362

Income Tax Dept conducts surveys at Bitcoin exchanges country wide
Posted Date : 13-Dec-2017 , 04:11:44 am | Posted By CASANSAAR

The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the ...

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Category : Income Tax | Comments : 0 | Hits : 1075

Income Tax Department suspends an officer for harassing the taxpayer
Posted Date : 08-Dec-2017 , 08:17:43 pm | Posted By CASANSAAR

A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the t...

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Category : Income Tax | Comments : 0 | Hits : 605

Taxman may invoke Benami Act for unexplained credits, investments
Posted Date : 07-Dec-2017 , 11:31:28 pm | Posted By CASANSAAR

The Income-Tax Department is scrutinising all unexplained credits and investments in personal as well as corporate income-tax filings and is looking to invoke the Benami Act in many cases, according to people in the know. Unexplained credits, in the books of a company or bank accounts of individuals...

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Category : Income Tax | Comments : 0 | Hits : 534

Income Tax department raids several locations in Delhi-NCR in panama paper case
Posted Date : 29-Nov-2017 , 07:32:10 am | Posted By CASANSAAR

The Income Tax (IT) department today conducted searches at over 25 locations in Delhi and the National Capital Region in connection with its tax evasion probe into the Panama Papers leak cases, official sources said. The I-T teams swooped down on three business groups, which had interests in meta...

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Category : Income Tax | Comments : 0 | Hits : 536

Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh
Posted Date : 29-Nov-2017 , 07:25:47 am | Posted By CASANSAAR

The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T re...

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Category : Income Tax | Comments : 0 | Hits : 865

Tax advisers may come under Income Tax department's scanner
Posted Date : 29-Nov-2017 , 07:19:20 am | Posted By CASANSAAR

Less than a month after International Consortium of Investigative Journalists (ICIJ) leaked financial data known as Paradise Papers, tax advisers of Indians named in the list of those with money stashed in tax havens could find themselves in the income tax net, said two people in the know. However, ...

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Category : Income Tax | Comments : 0 | Hits : 1260

Income Tax dept to launch assessment of defaulters from Jan
Posted Date : 28-Nov-2017 , 07:34:57 am | Posted By CASANSAAR

The Income Tax (IT) department will launch full-fledged assessment proceedings from January next year against those assessees who have deposited "suspicious" amounts of money in banks post-demonetisation, but have not filed their income tax returns (ITRs) till now. The Central Board of ...

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Category : Income Tax | Comments : 0 | Hits : 967

Income Tax Department Slaps AAP With Rs 30.67 Crore Notice
Posted Date : 27-Nov-2017 , 02:59:03 pm | Posted By CASANSAAR

The Aam Aadmi Party (AAP) has been slapped with a notice of Rs 30.67 Crore by the Income Tax department. The taxman wants AAP to explain by December 7 the alleged discrepancies in donations received. The notice for tax assessment for financial years 2014-15 and 2015-16 has pegged the AAP’s tax...

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

Constitution of Task Force for drafting a New Direct Tax Legislation
Posted Date : 23-Nov-2017 , 09:15:33 am | Posted By CASANSAAR

During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be re-drafted. Accordingly, in order to review the Act and to draft a new Direct Tax Law i...

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Category : Income Tax | Comments : 0 | Hits : 373

Draft notification on conversion of Indian Branch of Foreign Bank into Indian Subsidiary Co.
Posted Date : 18-Nov-2017 , 08:08:20 am | Posted By CASANSAAR

  Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017.    &...

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Category : Income Tax | Comments : 0 | Hits : 301

Benami assets: Registered properties valued above Rs 30 lakh under income tax scanner
Posted Date : 16-Nov-2017 , 10:24:22 am | Posted By CASANSAAR

In its fight against black money, the Income Tax Department is matching the tax history of people with property registrations valued above Rs 30 lakh under the provisions of the anti-benami Act. Any mismatch between the reported income and asset ownership will help tax department to identify any tax...

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Category : Income Tax | Comments : 0 | Hits : 716

High Court annuls 6 ICDS provisions, upholds its overall validity
Posted Date : 10-Nov-2017 , 08:25:46 am | Posted By CASANSAAR

The Delhi High Court has struck down six of the 10 provision under the Income Computation and Disclosure Standards (ICDS) as they overrode past judicial precedents. It, however, upheld the overall premise of this accounting principle for computing taxable income.  The introduction of ICDS ha...

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Category : Income Tax | Comments : 0 | Hits : 456

Income Tax to issue 1Lakh notices for huge deposits post demonetisation
Posted Date : 08-Nov-2017 , 08:27:03 am | Posted By CASANSAAR

The Income Tax Department is set to issue notices to about one lakh entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for detailed probe into suspected discrepancies, official sources said.  Issue of notices will begin this ...

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Category : Income Tax | Comments : 0 | Hits : 511

Investigations in cases of Paradise Papers to be monitored through reconstituted Multi Agency Group
Posted Date : 06-Nov-2017 , 09:38:22 pm | Posted By CASANSAAR

Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationa...

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Category : Income Tax | Comments : 0 | Hits : 117

Revenue Secretary Hasmukh Adhia designated Finance Secretary
Posted Date : 06-Nov-2017 , 09:36:22 pm | Posted By CASANSAAR

Revenue secretary Hasmukh Adhia was on Monday appointed as finance secretary in the union ministry of finance. He replaces Ashok Lavasa who achieved superannuation last month. The Appointments Committee of the Cabinet has approved designating Adhia as the finance secretary, the order issued by th...

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Category : Income Tax | Comments : 0 | Hits : 124

Madras HC allows petitioner to file I-T returns without quoting Aadhaar number
Posted Date : 01-Nov-2017 , 09:26:03 am | Posted By CASANSAAR

The Madras High Court on Tuesday allowed a petitioner to file her income tax returns manually, without quoting the Aadhaar number or the enrolment ID.  Petitioner Preeti Mohan relied on a June 9 Supreme Court judgement, which said Aadhaar cannot be mandatory for filing I-T returns. &ldquo...

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Category : Income Tax | Comments : 0 | Hits : 648

Revision of Return Preparation Utility for Tax Audit, ITRs
Posted Date : 26-Oct-2017 , 02:02:11 pm | Posted By CASANSAAR

CBDT have revised E-filing Income Tax Return Preparation Utilities for filing of all types of Income Tax Return Forms, Tax Audit Report under section 44 AB and also the schema for Tax Audit Reports. It is to be noted that last date for filing the Tax Audit Reports and connected Income Tax Retur...

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Category : Income Tax | Comments : 0 | Hits : 718

4 million income taxpayers spared from demands for return discrepancies
Posted Date : 26-Oct-2017 , 09:28:20 am | Posted By CASANSAAR

It is now personal income taxpayers’ turn to get relief from the rigours of taxation. About 4 million income taxpayers, who were to get extra tax demands for their FY17 income due to discrepancies in their tax returns, will now be spared. They will also get any tax refunds due for the year ove...

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Category : Income Tax | Comments : 0 | Hits : 1720

CBDT extends due-date for furnishing CbCR for FY 2016-17 to 31st March, 2018
Posted Date : 25-Oct-2017 , 06:13:05 pm | Posted By CASANSAAR

As per Sec 286(2) of the Income-tax Act, 1961 (Act), due date for furnishing Country by Country Report (CbCR) in respect of an international group by its constituent or parent entity is the date specified under section 139(1) of the Act for furnishing tax return for the relevant year.   Since...

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Category : Income Tax | Comments : 0 | Hits : 2008

Income tax department issues draft notification for registration of trusts
Posted Date : 18-Oct-2017 , 10:59:59 pm | Posted By CASANSAAR

The income tax department today came out with draft notification for fresh registration of trusts who have carried out modification of their objects.  The Finance Bill, 2017, proposed to amend section 12A of the Income Tax Act to state that where a trust/institution registered under section ...

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

Income Tax dept launches ONLINE CHAT to answer taxpayers queries
Posted Date : 19-Oct-2017 , 09:22:12 am | Posted By CASANSAAR

The Income Tax Department has launched an 'online chat' service for taxpayers so that they can seek answers to their basic queries and doubts relating to direct tax issues. A window has been hosted on the main page of the department's website -- www.incometaxindia.gov.in/ -- with a pr...

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Category : Income Tax | Comments : 0 | Hits : 384

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