New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers
Posted Date : 01-Feb-2020 , 02:54:26 pm | Posted By CASANSAAR
In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to bring a new and simplified personal income tax regime wherein income tax rates will be significantly reduced for the individual taxpayers who forgo certain deductions a...
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Income Tax |
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Two Days Live Webinar on Analysis of Union Budget 2020 at YouTube
Posted Date : 31-Jan-2020 , 03:38:27 pm | Posted By CASANSAAR
Thank you very much for an overwhelming response. We have decided to also Live the Two Days Webinar on YouTube so that Maximum members can watch it live.
So please find below the link for the same for both the days.
On Direct Tax Amendments - 1st Feb.2020 from 06:30 PM onw...
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Income Tax |
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Income tax e-assessment helpline phone number, email ID
Posted Date : 31-Jan-2020 , 08:47:05 am | Posted By CASANSAAR
To help those taxpayers who have queries regarding the faceless e-assessment scheme, the income tax department has launched a helpline facility. There is now an email address and telephone number exclusively dedicated to resolve the queries of taxpayers who have received notices from the National e-...
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Income Tax |
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0 | Hits : 927
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5000 Companies under scanner over mismatch between Income Tax and GST filings
Posted Date : 28-Jan-2020 , 09:48:13 am | Posted By CASANSAAR
Around 5,000 companies have come under the scanner of tax authorities due to alleged discrepancies between their Goods and Services Tax (GST) filings and Income Tax (I-T) returns, Business Standard reported.
The Central Board of Direct Taxes (CBDT) has ordered search-and-survey operations against...
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Income Tax |
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Power Grid moves SC against DoT demand of Rs 22K Cr
Posted Date : 25-Jan-2020 , 10:07:37 am | Posted By CASANSAAR
State-run transmission utility Power Grid Corporation on January 24 said it has filed an application before Supreme Court against Department of Telecom's demand of around Rs 22,000 crore in past dues, saying its revenue from telecom business was only 2 per cent of its turnover.
Followin...
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Income Tax |
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Undisclosed Assets of hotel group worth Rs 1,000 Cr detected - CBDT
Posted Date : 25-Jan-2020 , 10:00:09 am | Posted By CASANSAAR
The Income Tax department's raids on the properties of a prominent chain of luxury hotels have revealed undisclosed foreign assets worth more than Rs 1,000 crore, the Central Board of Direct Taxes (CBDT) said in a statement on Friday. The group- Bharat Hotels- runs The Lalit hotel in central Del...
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Income Tax |
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Tax Invasion is a Social Injustice to fellow citizens - CJI
Posted Date : 25-Jan-2020 , 09:55:36 am | Posted By CASANSAAR
The Chief Justice of India, Mr. Justice S.A. Bobde has said that the Tax Invasion is a Social Injustice to follow citizens and arbitrary or excessive tax is also results in injustice to tax payers. He was addressing the gathering after inaugurating the 79th Foundation Day Celebrations and All India ...
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Income Tax |
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Govt mulls mediation to solve tax issues with companies
Posted Date : 23-Jan-2020 , 10:10:53 am | Posted By CASANSAAR
The government may adopt a mediation mechanism that will help companies determine their future tax liabilities and even settle disputes, said a person familiar with the development. The concept, which is widely prevalent overseas, is being discussed amid preparations for the February 1 budget, the p...
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Income Tax |
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Capital Gain on sales of Immovable Property and Judicial Pronouncements
Posted Date : 22-Jan-2020 , 10:39:10 am | Posted By CASANSAAR
Capital Gain on sales of Immovable Property and Judicial Pronouncements explained by CA.Rajat Bajoria.
https://youtu.be/vgW3X9eK1_U
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Income Tax |
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Income tax dept serves notices to over 44,000 cases under e-assessment scheme
Posted Date : 22-Jan-2020 , 09:53:51 am | Posted By CASANSAAR
After the launch of e-assessment facility in October last year, out of 58,322 cases selected for faceless assessment, digitally signed notices were served in 44,285 cases (as on date), as announced by ministry of finance.
The e-assessment scheme will usher a paradigm shift in a way tax proc...
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Income Tax |
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0 | Hits : 1939
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Massive fraud by jewellers during note ban detected by Income Tax dept
Posted Date : 22-Jan-2020 , 09:48:32 am | Posted By CASANSAAR
Several jewellers have been put under scrutiny by the income tax department in cases of alleged large and disproportionate cash deposits during the demonetisation period (November 9-December 30, 2016). In some cases, some of these jewellers have been found to have deposited nearly 1,000 times as muc...
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Income Tax |
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Online payment facility न देने पर Income Tax Dept. लगाएगा भारी जुर्माना!
Posted Date : 18-Jan-2020 , 09:56:57 am | Posted By CASANSAAR
Online payment facility न देने पर Income Tax Dept. लगाएगा भारी जुर्माना!!!
Prescribed Payment mode under Section 269SU of Income Tax Act, 1961 explained by CA.Pooja Goyal.
https://youtu.be/XJjqqUQWcvs
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Income Tax |
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0 | Hits : 1086
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Income Tax notice for Rs 3.5 Cr penalty leaves BPO employee Shocked
Posted Date : 17-Jan-2020 , 09:14:49 am | Posted By CASANSAAR
A man from Bhind district in Madhya Pradesh, who currently works in a BPO firm in Punjab, has said that he got the shock of his life when he received an Income Tax Department notice, asking him to pay Rs 3.49 crore penalty for the alleged transactions of Rs 132 crore done in 2011-12.
Ravi Gupta, ...
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Income Tax |
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Applicability of Sec 68, 69A and 115BBE on cash deposited during demonetisation
Posted Date : 13-Jan-2020 , 08:59:20 am | Posted By CASANSAAR
Applicability of Sec 68, 69A and 115BBE in the cases of cash deposited during demonetisation explained by CA. Rajiv Jain.
https://youtu.be/3Vq6jKNjYLI
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Income Tax |
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Govt taking steps to simplify taxation; curb harassment of honest taxpayers - FM
Posted Date : 08-Jan-2020 , 09:37:33 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Tuesday said the government is taking various steps to simplify taxation system and eliminate harassment of honest taxpayers.
Addressing an event organised by Confederation of All India Traders (CAIT), the finance minister said the government is open to sugg...
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Income Tax |
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CBDT extends deadline for compounding of income tax offences till Jan 31
Posted Date : 04-Jan-2020 , 08:28:07 am | Posted By CASANSAAR
The CBDT has extended till January 31 the last date for taxpayers to avail a "one-time" facility to apply for compounding of income tax offences, an order issued on Friday said.
The earlier deadline was December 31, 2019.
In I-T parlance, compounding means that the taxman does not fi...
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Income Tax |
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0 | Hits : 2722
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GSTR 9C Utility available on GSTN Postal
Posted Date : 24-Dec-2019 , 10:49:43 am | Posted By CASANSAAR
Updated GSTR 9C Utility for F.Y. 2017-18 available on GSTN portal.
Last date for GSTR -9 and GSTR-9C is 31st Jan 2020.
...
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Income Tax |
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Glitches in ITR processing lead to bloated tax liability on capital gains
Posted Date : 24-Dec-2019 , 08:05:21 am | Posted By CASANSAAR
Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies.
...
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Income Tax |
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0 | Hits : 977
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FinMin asks tax officials to identify evaders through data analytics
Posted Date : 21-Dec-2019 , 09:55:47 am | Posted By CASANSAAR
In a bid to meet ambitious tax target, the finance ministry on Friday held a review meeting with tax officials directing them to make special efforts to identify and book tax evaders through data analytics and information sharing.
The meeting chaired by Revenue Secretary Ajay Bhushan Pandey.
H...
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Income Tax |
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0 | Hits : 1156
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CBI arrests former Income Tax Commissioner In corruption case
Posted Date : 18-Dec-2019 , 09:24:13 am | Posted By CASANSAAR
The CBI arrested former Income Tax Commissioner SK Srivastava on Tuesday, months after the CBI registered a case against him on charges of cheating, forgery and obtaining undue favours from those who had filed appeals before him.
A CBI spokesperson told NDTV that he will now be produced before a ...
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Income Tax |
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CBDT extends advance tax payment deadline for northeastern region to Dec 31
Posted Date : 16-Dec-2019 , 09:33:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has extended the date for payment of third installment of Advance Tax for financial year 2019-20 to 31st of this month for the North Eastern Region.
Earlier, the deadline was 15th of December. The decision to this effect was taken in view of the recent dis...
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Income Tax |
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Application Form for the Information Systems Audit (ISA) Assessment Test - ICAI
Posted Date : 04-Dec-2019 , 09:06:37 am | Posted By CASANSAAR
Exam Date - 28th December, 2019.
Last Date for receipt of application - 9th December 2019.
Click for....
Online Application Form
Hard Copy Application Form
Source - ICAI Website...
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Income Tax |
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21 Income Tax officers accused of corruption asked to retire
Posted Date : 27-Nov-2019 , 09:47:40 am | Posted By CASANSAAR
The government has ordered compulsory retirement of 21 income tax officers in the fifth tranche of its crackdown on officials accused of corruption and other malpractices.
Government sources said these officers have been removed on charges of misuse of official position to seek and receive bribes...
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Income Tax |
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Income Tax dept launches web portal for exchange of information
Posted Date : 23-Nov-2019 , 10:26:23 am | Posted By CASANSAAR
The tax department has launched a portal that will provide information, including about procedures, related to automatic exchange of information under common reporting standard.
Central Board of Direct Taxes (CBDT) Chairman P C Mody inaugurated the web portal on Income Tax website.
India is co...
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Income Tax |
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0 | Hits : 1648
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Cabinet approves Taxation Laws (Amendment) Bill, 2019
Posted Date : 21-Nov-2019 , 10:34:32 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance.
Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with reduction ...
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Income Tax |
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0 | Hits : 1284
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Income Tax department raids BMC Contractors
Posted Date : 15-Nov-2019 , 09:16:45 am | Posted By CASANSAAR
Amid a high-voltage political drama in Maharashtra, the Income Tax department has turned its glare on a clutch of large contractors hired by Brihanmumbai Muncipal Corporation (BMC) - a Shiv Sena stronghold.
In a press release issued on Thursday, IT said they had conducted search action in Mumbai ...
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Income Tax |
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Mr. Sudhaker Shukla takes charge as Whole Time Member, IBBI
Posted Date : 15-Nov-2019 , 08:59:34 am | Posted By CASANSAAR
Mr. Sudhaker Shukla took charge as Whole Time Member, Insolvency and Bankruptcy Board of India in New Delhi today.
Mr. Shukla will look after Registration & Monitoring Wing comprising Insolvency Professionals, Information Utilities, Insolvency Professional Agencies, Registered Valuers, Regist...
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Income Tax |
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Income tax department admits error in charging late ITR filing fee
Posted Date : 14-Nov-2019 , 08:40:05 am | Posted By CASANSAAR
The income tax department has admitted that there has been an inadvertent error while processing income tax returns (ITR) of partners of firms whose accounts are liable to be audited. The taxman has assured that it will rectify the error on its own and remove the late fee charge.
"In a few c...
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Income Tax |
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0 | Hits : 1561
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Income Tax dept busts Rs 3,300 Cr hawala racket involving infra firms
Posted Date : 11-Nov-2019 , 10:04:22 pm | Posted By CASANSAAR
The CBDT on Monday claimed that the Income Tax Department has busted a hawala racket worth Rs 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector.
The raids to unearth the large tax evasi...
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Income Tax |
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0 | Hits : 1009
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Finance Minister asks taxmen not to scare taxpayers
Posted Date : 09-Nov-2019 , 07:24:48 am | Posted By CASANSAAR
The taxpayers of country should not be scared of officers collecting revenue for the country, Finance Minister Nirmala Sitharaman said on November 8.
"In today's free India, serving and being served by its own people and for its own people, it is important that the enforcers don't re...
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Income Tax |
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