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News Category : Income Tax

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 : 998

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 : 1166

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 : 523

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 : 186

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 : 665

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 : 298

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 : 454

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 : 555

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 : 298

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 : 322

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 : 467

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 : 285

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 : 403

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 : 321

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 : 931

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 : 1018

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 : 390

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 : 381

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 : 3985

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 : 1313

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 : 1250

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 : 393

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 : 603

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 : 465

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 : 657

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 : 498

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 : 365

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 : 235

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 : 526

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 : 309

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