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 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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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 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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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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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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SEBI issues clarifications on prohibition of insider trade regulations
Posted Date : 05-Nov-2019 , 08:55:54 am | Posted By CASANSAAR
Listed Indian firms' employees, including foreign nationals, are required to follow the code of conduct while trading in American Depositories Receipts and Global Depositories Receipts, capital market regulator Sebi said on Monday.
Trading in such depository receipts is covered under the Proh...
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Income Tax department to issue PAN instantly online
Posted Date : 05-Nov-2019 , 08:50:09 am | Posted By CASANSAAR
The income tax department is set to launch a facility to instantly issue permanent account number (PAN) online, using details available in the Aadhaar database, helping end the wait time for applicants. Sources told TOI the service would be launched over the next few weeks and would also help those ...
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Quebec announced new quotas for Entrepreneur, Self-Employed Worker programs
Posted Date : 02-Nov-2019 , 03:42:17 pm | Posted By CASANSAAR
Quebec announced new quotas for its Entrepreneur and Self-Employed Worker programs for those who do not have a high level of French. There is no quota for those who can demonstrate an advanced intermediate level of oral French expression and comprehension.
The province will accept 25 applications...
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Gold amnesty scheme might be announced soon
Posted Date : 31-Oct-2019 , 09:06:01 am | Posted By CASANSAAR
The government may soon announce an amnesty scheme for gold to bring hordes of black money used in buying the yellow metal considered a safe investment option in India.
According to sources, the new amnesty scheme would allow gold hoarders to come clean on investment made using black money by dec...
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Income Tax |
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Income Tax notices can be sent to old address - SC
Posted Date : 29-Oct-2019 , 10:36:38 am | Posted By CASANSAAR
If you have not updated the address in the PAN (Permanent Account Number) database, then the Income Tax Department has every right to send any notice at your old address and complete the assessment accordingly.
In an important judgement recently, the Supreme Court has made it clear that the notic...
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Notice issued to a person not existing in the eyes of law - Valid or not?
Posted Date : 26-Oct-2019 , 02:16:16 pm | Posted By CASANSAAR
Notice issued to a person not existing / not alive in the eyes of law - Valid or not explained by Adv (CA) Kapil Goel with CA Vivek khurana.
Don't Forget to SUBSCRIBE CA Sansaar YouTube Chanel.
https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw?view_as=subscriber
...
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30,000 individuals under I-T scanner for money remitted abroad via RBI scheme
Posted Date : 24-Oct-2019 , 09:55:49 am | Posted By CASANSAAR
Around 30,000 individuals who remitted money abroad through the Liberalised Remittance Scheme (LRS) are under the Income Tax Department's scanner, reports Business Standard.
The department has issued scrutiny notices to assessees, asking for details of foreign accounts, properties and shares ...
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Income Tax raids unearth Rs 1,000 Cr worth hawala money in Delhi
Posted Date : 24-Oct-2019 , 09:44:42 am | Posted By CASANSAAR
In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 crore.
The tax department has also found links to money laundering involving the business group engaged in e-governance projects and financial service...
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Assessment thorough e-Proceedings or faceless e-Assessment under income tax act
Posted Date : 22-Oct-2019 , 10:41:09 am | Posted By CASANSAAR
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What is Under-reporting or Mis-reporting of income under Income Tax Act?
Posted Date : 18-Oct-2019 , 07:09:03 am | Posted By CASANSAAR
What is Under-reporting or Mis-reporting of income under Income Tax Act?
New Penalty Provisions under Section 270A,
Immunity under Section 270AA of Income-tax Act.
Explained by Advocate (CA) Kapil Goel with CA Vivek Khurana.
https://youtu.be/V3KvlcicDSE
...
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Income-tax officials give thumbs down to faceless assessment program
Posted Date : 16-Oct-2019 , 11:04:42 am | Posted By CASANSAAR
The Centre’s plan of faceless assessment has not gone down well with income-tax officials. Days before its introduction on October 7, they had sent a complaint letter to the Central Board of Direct Taxes (CBDT), claiming that the new scheme was implemented in a “hurry without considering...
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Income tax department releases data on Crorepati taxpayers
Posted Date : 16-Oct-2019 , 10:57:43 am | Posted By CASANSAAR
If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ₹1 crore in the financial year 2017-18.
The Central Board of Direct Taxes (CBDT) has now come out with a detailed break-up of data collected from income...
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Income tax dept says check your email or e-filing account as e-assessment begins
Posted Date : 15-Oct-2019 , 09:33:34 am | Posted By CASANSAAR
The income tax department has advised taxpayers to check their registered e-filing accounts and email ids as the first phase of the e-Assessment Scheme 2019 gets underway.
In the first phase, the income tax department has selected 58,322 cases for scrutiny under the new e-assessment scheme ...
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ED attaches Bhushan Steel’s assets worth Rs.4025 Cr
Posted Date : 14-Oct-2019 , 09:03:45 am | Posted By CASANSAAR
In a major blow to Bhushan Power and Steel Limited (BPSL), the Enforcement Directorate (ED) on Saturday attached assets worth Rs.4,025 crore, in connection with its ongoing money-laundering probe linked to an alleged bank loan fraud.
The probe agency said it had attached immovable properties &mda...
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Govt working to create information system on stressed companies
Posted Date : 12-Oct-2019 , 08:28:35 am | Posted By CASANSAAR
The government is working on creating an information system to provide basic financial and other details of stressed companies to potential acquirers through the corporate insolvency process, a senior government official said. The move will help bridge the information gap faced by bidders and is exp...
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HC asks IT department to refund Vodafone Idea’s Rs.374.26 Cr withheld for a TDS mismatch of Rs.1
Posted Date : 11-Oct-2019 , 10:01:09 am | Posted By CASANSAAR
In a major relief for Vodafone Idea Limited, the Bombay high court last week directed the income-tax department to refund in two weeks ₹374.26 crore, which was withheld for about a year over a TDS (tax deducted at source) mismatch of ₹1, to the company.
The telecom major had filed two separat...
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Govts may get more power to tax MNCs like Google, Apple, Facebook
Posted Date : 10-Oct-2019 , 09:33:47 am | Posted By CASANSAAR
Countries around the world, including India, will get more power to tax big multinationals such as Google, Apple and Facebook doing business within their borders under a proposed overhaul of decades-old rules.
The Organisation for Economic Co-operation and Development (OECD) has proposed to...
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Income Tax dept identifies over 58,000 cases under e-assessment plan
Posted Date : 08-Oct-2019 , 12:37:08 pm | Posted By CASANSAAR
The income tax (I-T) department has identified 58,322 cases for scrutiny under the newly launched e-assessment scheme, which seeks to end the physical interface between the assessee and tax officials. This is part of the Narendra Modi administration’s efforts to make tax compliance easier for ...
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FM to inaugurate national tax e-assessment Centre on Monday
Posted Date : 07-Oct-2019 , 08:01:30 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials.
The setting up of NeAC is a step for better taxpayer service, reduction of taxpayer gri...
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MAT credit not available to companies opting for lower corporate tax rate
Posted Date : 03-Oct-2019 , 10:16:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday said the benefit of minimum alternative tax (MAT) credit cannot be availed of by companies that opt to pay the tax rate recently lowered by the government to 22%.
MAT is the minimum tax to be paid by companies that keep their taxable profit lo...
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Personal income tax slabs could be revised
Posted Date : 02-Oct-2019 , 09:19:54 am | Posted By CASANSAAR
Days after finance minister Nirmala Sitharaman slashed corporate tax rates to boost a slowing economy, the government is now planning to rationalise personal income tax rates too, according to a report. "...the idea is to give at least a 5 percentage point benefit to every taxpayer," Hindu...
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Income Tax Deptt uncovers Rs 4,000-crore tax evasion through LTCG route
Posted Date : 01-Oct-2019 , 09:07:29 am | Posted By CASANSAAR
The investigation wing of the Income Tax Department has unearthed tax evasion to the tune of Rs 4000 crore carried out through the long term capital gain route.
“We have found beneficiaries of 12 companies listed on NSE and BSE which evaded tax through the LTCG route,” a source close ...
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Govt compulsorily retires 15 more senior tax officials on graft charges
Posted Date : 28-Sep-2019 , 10:29:26 am | Posted By CASANSAAR
The government has compulsorily retired 15 more tax officers in the fourth tranche of its crackdown on errant officials accused of corruption and other malpractices.
The Central Board of Direct Taxes (CBDT) compulsorily retired 15 senior officers under Fundamental Rule 56(J) on corruption and oth...
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Income Tax Dept to scrutinise 4 lakh taxpayers under new e-assessment system
Posted Date : 27-Sep-2019 , 08:15:53 am | Posted By CASANSAAR
The Income Tax (I-T) Department has recognised around 4 lakh taxpayers who will face inspection under the new e-assessment scheme 2019. The new scheme was notified recently by the finance ministry for carrying faceless scrutiny of Income Tax Returns (ITR).
The I-T Department has served notices to...
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