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News Category : Income Tax

Income Tax Department officials conduct massive raid in NCR
Posted Date : 21-Aug-2017 , 09:59:29 pm | Posted By CASANSAAR

Income Tax department on Monday morning conducted a massive raid in Delhi and National Capital Region (NCR), a media report said.  Over 500 I-T department officials are already on the way to conduct searches in the capital of the country, as reported by DNA.  As per the report, the s...

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Category : Income Tax | Comments : 0 | Hits : 7

Govt steps up scrutiny on black money, tax evaders in shell Companies; forms special team
Posted Date : 17-Aug-2017 , 08:51:30 am | Posted By CASANSAAR

When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth. The moment, said a top aide to Modi, was an eye-opener for the go...

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Category : Income Tax | Comments : 0 | Hits : 341

Govt extends time limit for filing of GST returns
Posted Date : 08-Aug-2017 , 09:39:40 pm | Posted By CASANSAAR

The Central Government today extended the date of filing returns under the Central Goods and Services Tax Act (CGST), 2017.  As per the Notification, the details of outward Supplies in FORM GSTR-1 under s. 37 of the CGST for the month of July and August shall be filed from 1st to 5th Septemb...

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Category : Income Tax | Comments : 0 | Hits : 3033

25% growth in number of ITRs filed in current fiscal, Advance Tax collections up by 41%
Posted Date : 07-Aug-2017 , 10:34:02 am | Posted By CASANSAAR

As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of  Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registeri...

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Category : Income Tax | Comments : 0 | Hits : 187

Govt moves to check benami, Aadhaar to be made must for property deals
Posted Date : 02-Aug-2017 , 10:58:18 am | Posted By CASANSAAR

In a move meant to curb benami transactions and the use of black money in real estate deals, the government is planning to make Aadhaar-based authentication mandatory at the time of registration of documents such as agreement for sale, power of attorney and will among others. The government has also...

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Category : Income Tax | Comments : 0 | Hits : 881

Recovery of undisclosed income post demonitization
Posted Date : 01-Aug-2017 , 09:53:47 pm | Posted By CASANSAAR

With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating black money which casts a long shadow of parallel ...

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Category : Income Tax | Comments : 0 | Hits : 125

Increase in number of Income Tax payers after demonetisation
Posted Date : 01-Aug-2017 , 09:52:37 pm | Posted By CASANSAAR

The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15. ...

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Category : Income Tax | Comments : 0 | Hits : 116

Due date for filing Income tax returns extended to 05th August 2017
Posted Date : 31-Jul-2017 , 03:27:27 pm | Posted By CASANSAAR

In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended from 31st July to 5th August, 2017. - Tweet by Income Tax Deptt. www,casansaar.com....

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Category : Income Tax | Comments : 0 | Hits : 1717

Govt collected more than Rs.2.35 lakh crore as cesses in 2016-17
Posted Date : 30-Jul-2017 , 12:02:08 pm | Posted By CASANSAAR

Government collected more than two lakh 35,000 crore rupees last fiscal by way of a host of cesses, including those on education, Swachh Bharat and Krishi Kalyan.  Minister of State for Finance Santosh Kumar Gangwar said this in a written reply in the Lok Sabha yesterday. He said the total r...

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Category : Income Tax | Comments : 0 | Hits : 170

CBI books additional commissioner of Income Tax in corruption charge
Posted Date : 28-Jul-2017 , 10:33:48 pm | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) on Friday registered a case against an additional commissioner of Income Tax (I-T) and his family members in a disproportionate assets case after searching at least 10 locations.    The officer had amassed over Rs 6 crore while his known income d...

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Category : Income Tax | Comments : 0 | Hits : 368

Income Tax Dept to share vital data with MCA to nail shell companies
Posted Date : 28-Jul-2017 , 07:53:39 am | Posted By CASANSAAR

The tax authorities will now relay audit reports of corporates and specific information from their I-T returns along with PAN data to the Ministry of Corporate Affairs (MCA), as the government plans to crack down harder on shell companies. The MCA has already come down heavily on shell companies ...

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Category : Income Tax | Comments : 0 | Hits : 228

NRIs' overseas bank info needed only for income tax refund
Posted Date : 25-Jul-2017 , 08:23:15 am | Posted By CASANSAAR

It is not mandatory for NRIs to provide details of their overseas bank accounts when they file tax returns and only those who seek refunds need to do so, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), said on Monday, putting to rest all confusion on the issue. The Income tax d...

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

Income Tax base widens to 6.26 cr in 2016-17 - CBDT
Posted Date : 25-Jul-2017 , 08:19:06 am | Posted By CASANSAAR

Income tax payer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier, CBDT Chairman Sushil Chandra said today. Clearing the air on disclosure of bank account details of non-resident Indians (NRIs), expats, as well as foreigners with investments in ...

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Category : Income Tax | Comments : 0 | Hits : 148

Income Tax department detects Rs 19000 crore black money in ICIJ, HSBC cases
Posted Date : 22-Jul-2017 , 05:19:52 pm | Posted By CASANSAAR

The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the government said today.  Finance Minister Arun Jaitley said investigations into information, put into public domain by the I...

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Category : Income Tax | Comments : 0 | Hits : 442

Income Tax dept transfers 245 commissioners for non performance
Posted Date : 17-Jul-2017 , 08:17:35 am | Posted By CASANSAAR

In one of the biggest reshuffles of income tax commissioners so far, the Central Board of Direct Taxes (CBDT) has transferred 245 commissioners across the country. While performance was one of the main criteria for transferring officials in key positions and shifting out non-performers from signific...

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Category : Income Tax | Comments : 0 | Hits : 1284

IT Dept seeks explanation from 5.56 lakh more taxpayers for demonetisation deposits
Posted Date : 14-Jul-2017 , 05:10:52 pm | Posted By CASANSAAR

The Income Tax Department has, in the second phase of Operation Clean Money (OCM), identified 5.56 lakh people whose deposits during the demonetisation window do not match their income profile. "These are persons whose tax profiles were found to be inconsistent with the cash deposits made by...

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Category : Income Tax | Comments : 0 | Hits : 673

Rs 3.5 crore cash, 5 kg gold recovered from Income Tax official
Posted Date : 13-Jul-2017 , 07:12:29 am | Posted By CASANSAAR

The CBI recovered Rs 3.5 crore cash and 5 kg gold during searches at the Kolkata residence of Jharkhand's Principal Commissioner of Income Tax in connection with a corruption case, the agency said. The recoveries were made during simultaneous searches launched by the agency in the morning at ...

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Category : Income Tax | Comments : 0 | Hits : 288

FM Arun Jaitley launches new tax payer service module Aaykar Setu
Posted Date : 10-Jul-2017 , 10:29:19 pm | Posted By CASANSAAR

Finance Minister Arun Jaitley today launched a new tax payer service module called Aaykar Setu. It compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module.  Speaking on the occasion, Mr Jait...

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Category : Income Tax | Comments : 0 | Hits : 636

SC directs Centre to start filling up vacancies in ITAT
Posted Date : 06-Jul-2017 , 08:13:26 am | Posted By CASANSAAR

The Supreme Court today asked the Centre to initiate within three weeks the process of filling up vacancies of presidents, vice presidents and members 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 Chandrac...

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Category : Income Tax | Comments : 0 | Hits : 285

Credit card bill payment exempt from cash dealing limit
Posted Date : 04-Jul-2017 , 04:42:03 pm | Posted By CASANSAAR

Restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue department has said. The Finance Act 2017 banned cash transaction of Rs 2 lakh or above with effect April 1, 2...

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Category : Income Tax | Comments : 0 | Hits : 329

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 : 434

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 : 156

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 : 518

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 : 713

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 : 795

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 : 358

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 : 607

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 : 3132

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 : 441

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 : 1136

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