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 |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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 |
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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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Income Tax |
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0 | Hits : 1390
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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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Income Tax |
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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 |
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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 |
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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 |
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0 | Hits : 1025
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 859
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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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Income Tax |
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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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Income Tax |
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0 | Hits : 954
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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 |
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0 | Hits : 702
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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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Income Tax |
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0 | Hits : 1166
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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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Income Tax |
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0 | Hits : 1074
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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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Income Tax |
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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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Income Tax |
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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 |
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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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Income Tax |
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0 | Hits : 1406
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RBI puts Mumbai-based PMC Bank under directions
Posted Date : 24-Sep-2019 , 01:01:13 pm | Posted By CASANSAAR
The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under directions for six months from the close of business of the bank on September 23, 2019.
The depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance in every ...
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Income Tax |
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0 | Hits : 797
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CBDT issues order to set-up National centre for e-Assessment
Posted Date : 23-Sep-2019 , 08:36:51 am | Posted By CASANSAAR
A National e-Assessment centre (NeAC) will be setup in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for income tax payers from next month.
The Central Board of Direct Taxes (CBDT), that frames policy for the Income-tax department...
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Income Tax |
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0 | Hits : 1227
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President Kovind clears ordinance to amend Income Tax Act
Posted Date : 21-Sep-2019 , 09:28:22 am | Posted By CASANSAAR
The President Ram Nath Kovind on Friday cleared an ordinance to give effect to amendments in the Income Tax Act, 1961 and Finance Act, 2019. To arrest slowdown in the economy and boost growth, the government has cut corporate tax rate for new and domestic manufacturing companies.
For companies th...
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Govt cuts corporate tax rate to 22%, relief on buyback tax
Posted Date : 20-Sep-2019 , 12:27:05 pm | Posted By CASANSAAR
The government on Friday cut corporate tax rate for companies that do not avail of any tax incentive to 22%. Effective corporate tax rate after surcharge will be 25.17%.
New manufacturing companies will have to pay an even lower corporate tax rate of 15%.
Finance minister Nirmala Sitharaman to...
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Income Tax |
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0 | Hits : 1093
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Income tax department issues warning against this fake SMS
Posted Date : 19-Sep-2019 , 09:39:01 am | Posted By CASANSAAR
After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links.
Sample this. "Important Alert! Dear xxxxxxxx,...
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Income Tax |
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0 | Hits : 917
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No documents required for updating photograph, email, mobile number in Aadhaar
Posted Date : 18-Sep-2019 , 08:14:52 am | Posted By CASANSAAR
Aadhaar card holders can now update their personal details such as photograph, biometrics, gender, mobile number and email ID without requiring to submit any physical documents. Cardholders who need to update their details can simply walk into the nearest official Aadhaar Seva Kendra and get them up...
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