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 |
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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 |
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0 | Hits : 1921
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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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Income Tax |
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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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Income Tax |
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DGGI busts firm for making bogus Input Tax Credit invoices of more than Rs 268 crores
Posted Date : 13-Feb-2020 , 05:43:24 pm | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Nitin Jain, resident of Sonepat, Haryana, proprietor of M/s Shiv Trade Incorporation, Delhi, for issuing bogus invoices.
During investigation it was revealed that Shri Nitin Jain has issued b...
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Income Tax |
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Income Tax Dept to give SEBI data of taxpayers for fraud probe
Posted Date : 13-Feb-2020 , 08:45:11 am | Posted By CASANSAAR
The Income-Tax Department will share all taxpayers’ data, such as PAN information, with the Securities and Exchange Board of India (SEBI) in order to help the capital market regulator in its probe against various entities, including those involved in ‘stock market manipulation’, an...
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Income Tax |
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Income Tax dept issues notices in 422 cases for undisclosed foreign assets
Posted Date : 12-Feb-2020 , 07:19:23 am | Posted By CASANSAAR
Income Tax department has issued notices in 422 cases involving undisclosed foreign assets and income of over Rs 12,600 crore till December 31, 2019, minister of state for finance Anurag Thakur said in a written reply in Rajya Sabha, Tuesday, on the concerted efforts taken by the government to recov...
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Income Tax |
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Benami Transaction - What are Benami Transaction and its exclusions
Posted Date : 11-Feb-2020 , 09:46:22 am | Posted By CASANSAAR
Benami Transaction - What are Benami Transaction and its exceptions / exclusions under The Prohibition of Benami Property Transactions Act, explained by Adv.(CA) Ashwani Taneja, EX Member - ITAT.
Watch this Video.
https://youtu.be/bnBfBUieZBc...
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Income Tax |
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Income tax dept launches e-calculator to compare due tax under new, old regime
Posted Date : 06-Feb-2020 , 08:57:16 pm | Posted By CASANSAAR
The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday.
The calculator, with a comparative ta...
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Income Tax |
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FM to table Vivad se Vishwas Bill in Lok Sabha today
Posted Date : 05-Feb-2020 , 09:19:27 am | Posted By CASANSAAR
The Direct Tax Vivad Se Vishwas Bill, 2020 is expected to be tabled in Lok Sabha today. The bill aims at reducing litigations in the direct taxes payments.
Under the 'Vivad se Vishwas' scheme announced in the Union Budget, taxpayers whose tax demands are locked in dispute in multipl...
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Income Tax |
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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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0 | Hits : 928
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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 : 962
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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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0 | Hits : 1033
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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 : 1964
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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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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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0 | Hits : 2577
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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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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 : 988
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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 : 1169
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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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