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News Category : Income Tax

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 : 316

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 : 270

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 : 591

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 : 428

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 : 484

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 : 106

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 : 109

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 : 551

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 : 701

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 : 1690

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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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 : 635

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 : 372

Charitable trusts under Income tax scanner for cash donations
Posted Date : 13-Oct-2017 , 08:05:49 am | Posted By CASANSAAR

A number of charitable trusts are under scanner of income tax department for suspicious cash donations they have received after demonetization in the assessment year 2016-17. Top sources in I-T department said that the number of NGOs and trusts selected for income tax scrutiny have doubled compar...

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Category : Income Tax | Comments : 0 | Hits : 803

Will new benami law be given retrospective effect - Delhi High Court
Posted Date : 11-Oct-2017 , 09:38:55 pm | Posted By CASANSAAR

The Delhi High Court asked the Income Tax department whether it intended to examine under the new benami law all accommodation entries made prior to 2016 when it came into effect.  The process adopted by an individual or company to bring unaccounted money back to their business without ...

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

Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017
Posted Date : 12-Oct-2017 , 07:05:22 am | Posted By CASANSAAR

The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total...

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Category : Income Tax | Comments : 0 | Hits : 189

Group of Ministers set up to make GST composition scheme more attractive
Posted Date : 09-Oct-2017 , 08:30:05 am | Posted By CASANSAAR

A group of ministers or GoM has been set up under Assam finance minister Himanta Biswa Sarma to make the composition scheme more attractive and to revisit the goods and services tax rates on restaurants.  The GST Council, chaired by finance minister Arun Jaitley and consisting of his state c...

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Category : Income Tax | Comments : 0 | Hits : 331

13 banks submit data on 13,140 suspicious accounts and 5800 companies
Posted Date : 06-Oct-2017 , 09:10:21 pm | Posted By CASANSAAR

Finance Ministry has received details of suspicious post-demonetisation transactions and bank account operations of 5,800 companies whose names were struck off by the Registrar of Companies earlier this year. From a balance of Rs 22 crore during the pre-demonetisation days, these accounts saw a cred...

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Category : Income Tax | Comments : 0 | Hits : 631

Income Tax dept fastens belt to add 1.25 cr new tax filers this fiscal
Posted Date : 28-Sep-2017 , 04:55:40 pm | Posted By CASANSAAR

The Income Tax Department has been tasked to add 1.25 crore new return filers in the current financial year as part of the government's plan to widen the tax base in the country. The Central Board of Direct Taxes (CBDT), that makes policy decisions for the I-T department, has directed the tax...

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

Individual and corporates advance tax filings under I-T scanner
Posted Date : 26-Sep-2017 , 08:32:25 am | Posted By CASANSAAR

The Income Tax (I-T) department is seeking an explanation from a number of corporate and individual tax assessees, who have filed their self-assessment for the past three years, for deferring their advance tax, reports Business Standard. The financial daily reports that the tax department suspect...

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Category : Income Tax | Comments : 0 | Hits : 347

Vijay Mallya diverted most of Rs 6000-cr loan to shell firms in 7 nations
Posted Date : 25-Sep-2017 , 05:02:21 pm | Posted By CASANSAAR

Strengthening the case for fugitive businessman Vijay Mallya's extradition from the United Kingdom, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are reported to be preparing a charge sheet alleging the former liquor baron laundered a major chunk of the Rs 6,027-...

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Category : Income Tax | Comments : 0 | Hits : 281

Income Tax deptt asks taxpayers to update their information on e-filing portal
Posted Date : 23-Sep-2017 , 10:05:43 am | Posted By CASANSAAR

Please note following changes in your Income Tax Profile. You may be required to update your Mobile Number and Email Address in your Income Tax Profile upon Login: 1. Now you need to provide your own email address + your own mobile number. 2. One Mobile Number & One Email Address can be us...

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Category : Income Tax | Comments : 0 | Hits : 671

Income Tax Deputy Commissioner, 2 others arrested in Rs 3 crore bribery case
Posted Date : 23-Sep-2017 , 09:48:11 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) today arrested a Deputy Commissioner of Income Tax, Mumbai and his two accomplices in an alleged bribery of Rs three crore. The I-T Deputy Commissioner was picked up from the Aaykar Bhawan in Churchgate on Friday evening after arrest of one of his accompl...

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Category : Income Tax | Comments : 0 | Hits : 722

Tax Payers advised to confirm identities of Income Tax Search Authorities
Posted Date : 23-Sep-2017 , 09:43:52 am | Posted By CASANSAAR

The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law. However, instances have been brought to the notice of department wherein, certain unscrupulous...

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Category : Income Tax | Comments : 0 | Hits : 467

Tax audit assessees including Companies may face additional tax compliance burden
Posted Date : 20-Sep-2017 , 08:01:29 am | Posted By CASANSAAR

To get a better perspective of the likely reliable flow of tax revenues to the exchequer in a fiscal year, the Central Board of Direct Taxes (CBDT) has decided to usher in a self-reporting mechanism for corporates for their estimated incomes, tax payments and advance tax liability. The proposed m...

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Category : Income Tax | Comments : 0 | Hits : 902

Voluntary Reporting of Estimated Current Income and Advance Tax Liability
Posted Date : 19-Sep-2017 , 09:31:01 pm | Posted By CASANSAAR

A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more. This interest is levied as per the provision...

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Category : Income Tax | Comments : 0 | Hits : 224

Income Tax department goes after defunct companies for tax frauds
Posted Date : 18-Sep-2017 , 08:22:12 am | Posted By CASANSAAR

The tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government — something the revenue department has rarely done in the past.  Former directors of such closely-held private companies, which have received tax notices alon...

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Category : Income Tax | Comments : 0 | Hits : 680

Direct tax revenue grows 17.5% to Rs 2.24 lakh cr in Apr-Aug
Posted Date : 12-Sep-2017 , 08:15:17 am | Posted By CASANSAAR

Direct Tax Collections has shown a growth of 17.5 percent upto August this year, standing at 2.24 lakh crore rupees which is 17.5 percent higher than net collections for same period last year.  This collection is 22.9 percent of the total Budget Estimates of Direct Taxes for the Financial Ye...

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Category : Income Tax | Comments : 0 | Hits : 234

After PAN, Bank a/cs, link your SIM with Aadhaar to avoid deactivation
Posted Date : 11-Sep-2017 , 08:10:07 am | Posted By CASANSAAR

After PAN cards and bank accounts, Aadhaar linking is likely to become mandatory for mobile phones, said media reports. According to a report in IANS, the government is planning to mandate the linking of Aadhaar with SIM cards. All phones, not linked with Aadhaar, will be deactivated after Februa...

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Category : Income Tax | Comments : 0 | Hits : 608

Taxmen to snoop social networking sites to trace black money
Posted Date : 11-Sep-2017 , 07:54:30 am | Posted By CASANSAAR

A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money. 'Project Insight', likely to be launched next month, will use big data analy...

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Category : Income Tax | Comments : 0 | Hits : 575

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