Suggestions are welcomed for better implementation of Vivad Se Vishwas scheme - CBDT
Posted Date : 07-Apr-2020 , 09:46:29 am | Posted By CASANSAAR
The government is open to suggestions from stakeholders for better implementation of the direct tax 'Vivad Se Vishwas' scheme, Central Board of Direct Taxes Chairman P C Mody said on Monday. The government has launched the Vivad Se Vishwas scheme for resolution of pending litigation by payin...
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SC quashes tax Reassessment Notice to NDTV vver money laundering case
Posted Date : 04-Apr-2020 , 11:05:10 am | Posted By CASANSAAR
he Supreme Court on Friday quashed a notice sent by the income tax (I-T) department to media company NDTV, which sought a re-assessment of the company’s income for the 2006-2007 financial year.
The apex court dismissed the notice – which had alleged round-tripping of money by the news...
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Donation to PM CARES Fund to be fully exempted under section 80G of I-T Act
Posted Date : 01-Apr-2020 , 11:56:21 am | Posted By CASANSAAR
As the date for claiming deduction under section 80G of the IT Act has been extended up to June 30, the donation made up to that date will also be eligible for deduction from income of FY 2019-20.
Anyone contributing to PM CARES Fund (Prime Minister’s Citizen Assistance and Relief Emergency...
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Govt issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020
Posted Date : 01-Apr-2020 , 11:08:05 am | Posted By CASANSAAR
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance o...
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Income Tax dept asks officers working from home to chase large taxpayers for dues
Posted Date : 31-Mar-2020 , 10:03:38 am | Posted By CASANSAAR
A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. Rakesh Gupta, Commissioner of Income Tax (Coordination & Systems), ...
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Impact of Corona Virus on Financial Reporting and the Auditors Consideration
Posted Date : 27-Mar-2020 , 10:45:01 am | Posted By CASANSAAR
ASB & AASB of ICAI have released *Impact of Corona Virus on Financial Reporting and the Auditors Consideration*
The advisory has been prepared for:
1. Entities to whom Ind AS is applicable and
2. Entities to whom AS is applicable, viz,
a. Companies to whom Companies, Ac...
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Benami Law and its interplay with other Laws
Posted Date : 26-Mar-2020 , 11:06:47 am | Posted By CASANSAAR
Benami Law and its interplay with other Laws explained by CA (Adv) Ashwani Taneja, Ex Member - ITAT..
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Relaxations by Finance Minister under Various Laws
Posted Date : 24-Mar-2020 , 04:16:37 pm | Posted By CASANSAAR
Income Tax :- F.Y. 18-19
1. Last date for filing income tax returns for the A.Y. 19-20 will be now 30/06/2020.
2. Interest for delayed payment reduced to 9% only for F.Y.18-19
3. Vivad se Vishwas Scheme has also extended to 30/06/2020 and no 10% additional Charge for now.
4. No extension...
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Covid-19 related spends to be treated as CSR activity - MCA
Posted Date : 24-Mar-2020 , 11:14:51 am | Posted By CASANSAAR
With the number of Covid-19 cases increasing in the country, the Centre has now roped in the private sector to help in the efforts to minimise the spread of Coronavirus.
The Corporate Affairs Ministry (MCA) on Monday said that spending of CSR funds for Covid-19 would be treated as eligible CSR ac...
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Finance Minister sets Rs 15 Lakh income cap to tax NRIs
Posted Date : 24-Mar-2020 , 10:49:05 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman softened the contentious budget proposal to tax non-resident Indians, putting in place a threshold of Rs 15 lakh for the levy of tax on incomes emanating from India, while leaving out global incomes from the tax ambit.
Through amendments to the finance bill, sh...
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SC invokes its plenary power to extend limitation period of appeals
Posted Date : 24-Mar-2020 , 10:41:00 am | Posted By CASANSAAR
The Supreme Court Monday invoked its plenary powers under Article 142 of the Constitution to extend limitation period of appeals from high courts or tribunals on account of coronavirus (COVID-19) pandemic.
A bench of Chief Justice S A Bobde and Justices L N Rao and Surya Kant said the Court has t...
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Income tax Dept may extend March 31 deadline due to coronavirus
Posted Date : 23-Mar-2020 , 08:11:45 pm | Posted By CASANSAAR
The Income Tax Department is "proactively pursuing" with the government extension of the statutory March 31 deadline to complete important tax-related works due to the COVID-19 outbreak, an all-India body of IRS officers said on Monday. It has also urged all I-T department officials to wor...
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PM Modi to address nation tonight on Coronavirus
Posted Date : 19-Mar-2020 , 08:31:17 am | Posted By CASANSAAR
Prime Minister Narendra Modi chaired a high-level meeting to review the ongoing efforts to tackle COVID-19 on March 18.
He is scheduled to address the nation on March 19 at 8 p.m., during which he will talk about issues relating to COVID-19 and the efforts to combat it.
“During the meeti...
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Vivad Se Vishwas Scheme Procedure
Posted Date : 17-Mar-2020 , 11:15:55 am | Posted By CASANSAAR
Procedure for Vivad Se Vishwas Scheme,
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https://youtu.be/UKC1YUcRDBc
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Vivad Se Vishwas Scheme Eligibility
Posted Date : 14-Mar-2020 , 10:12:02 am | Posted By CASANSAAR
Eligibility Criteria for availing Vivad Se Vishwas Scheme discussed by CA. (Adv) Kapil Goel with CA. Vivek Khurana.
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Parliament passes Vivad Se Vishwas Bill for settlement of Direct Tax disputes
Posted Date : 13-Mar-2020 , 09:49:03 pm | Posted By CASANSAAR
Parliament has passed the Vivad Se Vishwas Bill, 2020 today. The bill provides a waiver on interest, penalty and prosecution for settlement of Direct Tax disputes. It grants a complete waiver on interest and penalty when the disputed amount is paid before 31st of this month, and provisions an additi...
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Gujarat HC issues notices to Centre, GST Council over surcharge imposition
Posted Date : 12-Mar-2020 , 08:45:51 am | Posted By CASANSAAR
The Gujarat High Court has issued notices to the Union government, the GST Council, and the Customs authorities over imposition of surcharge and cess on duties paid through scrip-based incentives by exporters.
Earlier, exporters had moved the HC, challenging the constitutional validity of imposit...
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Three Infosys employees held for taking bribes from taxpayers
Posted Date : 09-Mar-2020 , 09:19:48 am | Posted By CASANSAAR
Three Infosys employees, attached to the Income Tax department's Centralised Processing Centre here, were arrested for allegedly taking bribes from taxpayers for speedy processing of their refund, police said on Sunday.
According to police, the key accused among the three was attached to the ...
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Comparison between Old & New Income Tax Regime
Posted Date : 07-Mar-2020 , 08:22:00 am | Posted By CASANSAAR
Comparison between Old & New Income Tax Regime | New Income Tax Rates explained by CA. Bhanu Priya.
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Income Tax dept unearths Rs 4,000 Cr TDS default
Posted Date : 05-Mar-2020 , 09:01:01 am | Posted By CASANSAAR
A TDS survey by the income tax department has found many big corporates defaulting on payment of tax deducted at source (TDS). In one case, the tax department found that a major oil company defaulted on TDS payment of Rs 3,200 crores. The defaults were due to lower or non-deduction of taxes at sourc...
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Lok Sabha passes Direct Tax 'Vivad se Vishwas' bill
Posted Date : 04-Mar-2020 , 08:38:36 pm | Posted By CASANSAAR
In a move that will help the government mop up revenue before the financial year 2019-20 closes, Lok Sabha on Wednesday passed direct tax amnesty scheme Vivad se Vishwas bill. With mounting tax disputes, the government has had in Union budget come up with No Dispute but Trust Scheme (Vivad Se Vishwa...
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Govt collects Rs 7.52 lakh Cr direct tax in April-January
Posted Date : 04-Mar-2020 , 08:17:45 am | Posted By CASANSAAR
The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday. The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.
&q...
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Over 4.78 lakh income tax appeals pending at end of March 2019
Posted Date : 03-Mar-2020 , 10:29:29 am | Posted By CASANSAAR
The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday.
During the Union Budget 2020 presentation, the ‘Vivad se Vishwas’ scheme was announced to provide for dispute resolution ...
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Firm busted for issuing fake invoices to claim input tax credit of goods worth Rs 436 crores
Posted Date : 02-Mar-2020 , 04:42:54 pm | Posted By CASANSAAR
Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, proc...
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Canada to welcome over one million new immigrants between 2020-2022
Posted Date : 29-Feb-2020 , 08:55:40 am | Posted By CASANSAAR
Marco Mendicino laid out his vision for Canada’s immigration system in Toronto.
It was his first major policy speech since his November 2019 appointment as Minister of Immigration, Refugees and Citizenship. Mendicino was appointed after the Liberal Party of Canada was re-elected to a second...
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Procedure of Prosecution under Various Laws
Posted Date : 21-Feb-2020 , 10:35:14 am | Posted By CASANSAAR
Procedure of Prosecution under Various Laws such as PMLA, PBPT, Black Money Act, Income Tax Act etc explained by Advocate Amit Khemka.
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Faceless tax assessment system prone to errors: HC
Posted Date : 19-Feb-2020 , 03:56:11 pm | Posted By CASANSAAR
The Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing”.The court, however, said electronic-a...
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Income Tax dept issues notices to directors of defaulting Cos
Posted Date : 19-Feb-2020 , 09:12:25 am | Posted By CASANSAAR
Income Tax officials are increasingly issuing notices to directors of private limited companies which default on their tax dues, experts said.
Directors are being held accountable for the tax compliance of the companies they work for under section 179 of the Income Tax Act dealing with recovery o...
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Income Tax Dept lead to detection of unaccounted income of more than Rs. 2000 crore
Posted Date : 14-Feb-2020 , 10:48:07 am | Posted By CASANSAAR
Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered.
The search action included three prominent infrastructure groups based in Andhra Pradesh and Telangana. Investiga...
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Only 2,200 professionals declared income above Rs 1 Cr in FY19
Posted Date : 14-Feb-2020 , 10:26:59 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on February 13 reiterated that only 2,200 professionals had indeed declared annual income above Rs 1 crore in FY19, as had been stated by Prime Minister Narendra Modi in his February 12 address at an event.
PM Modi's statement that it is was unbelievab...
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