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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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 : 1239
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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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Income Tax |
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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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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 : 942
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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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Income Tax |
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0 | Hits : 1203
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ED slaps show cause penalty notice of over Rs.229 Cr FEMA violation against PwC
Posted Date : 14-Sep-2019 , 08:46:06 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has slapped an over Rs.230-crore FEMA violation show cause penalty notice against multi-national accounting firm PricewaterhouseCoopers (PwC) and others, officials said on Friday.
They said the notice was issued under the Foreign Exchange Management Act (FEM...
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Income Tax |
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0 | Hits : 1046
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Cost Inflation Index for FY 2019 -20
Posted Date : 14-Sep-2019 , 08:33:21 am | Posted By CASANSAAR
CBDT prescribed Cost Inflation Index (CII) for the Financiya Year 2019 - 20 is 289....
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Income Tax |
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E-assessment scheme for faceless scrutiny of income tax returns notified
Posted Date : 14-Sep-2019 , 08:27:31 am | Posted By CASANSAAR
The income tax department’s scheme for assessing tax returns electronically without any personal contact between officials and tax payers has become effective, with the government notifying the e-assessment scheme, 2019, on Friday.
Personal representation is allowed under the scheme in spec...
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Income Tax |
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BlockChain - Opportunities and Challenges for Chartered Accountants
Posted Date : 13-Sep-2019 , 09:49:23 am | Posted By CASANSAAR
BlockChain - Opportunities and Challenges for Chartered Accountants by CA.Shailesh Churiwala and CA Vivek Khurana.
...
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Income Tax |
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0 | Hits : 1254
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CBDT eased prosecution norms for TDS, I-T return filing defaults
Posted Date : 12-Sep-2019 , 10:33:05 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return.
CBDT’s circular, issued on September 9, sets the li...
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Income Tax |
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Govt to tweak Income Tax Act, won’t replace it with direct tax code
Posted Date : 10-Sep-2019 , 10:02:24 am | Posted By CASANSAAR
The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown.
Some suggestions in the draft legislation, submitted to finance minister ...
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Income Tax |
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0 | Hits : 1811
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Govt gets tax bonanza from online ads on Google, Facebook
Posted Date : 09-Sep-2019 , 09:17:40 am | Posted By CASANSAAR
Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in the year ended March, said a tax official privy to the development.
The tax department collected ₹939 crore in the year to 31 March, up from ₹590 c...
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Income Tax |
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0 | Hits : 977
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Madras HC directs Cognizant to approach Appellate Authority on tax dispute
Posted Date : 07-Sep-2019 , 08:23:41 am | Posted By CASANSAAR
A Division Bench of Madras High Court has partially allowed an appeal by IT major Cognizant against a single judge order, while upholding its direction to the company to approach the tax appellate authority for a remedy.
The order was issued on an appeal filed by the company against a single judg...
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Income Tax |
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0 | Hits : 931
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PAN will be generated automatically if taxpayer uses Aadhaar for filing returns
Posted Date : 03-Sep-2019 , 09:41:26 am | Posted By CASANSAAR
The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases.
According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall b...
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Income Tax |
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ITR filing deadline not extended again, clarifies tax department
Posted Date : 31-Aug-2019 , 10:43:30 am | Posted By CASANSAAR
The income tax department has said that an order circulating on social media about extension of income tax filing deadline is not genuine. "It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due date for filing of IT Returns. It is cat...
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Income Tax |
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0 | Hits : 853
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Revised threshold limits for appeals by I-T department to apply in all pending cases
Posted Date : 23-Aug-2019 , 09:26:55 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) in an internal notice sent to high ranking I-T officials has clarified that the revised monetary limits of filing of appeals by the tax authorities before the tax tribunals and courts, will also apply to all pending cases.
TOI in its edition of August 9, h...
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Income Tax |
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0 | Hits : 1086
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Date extension the only solution for GST annual return & GST audit
Posted Date : 21-Aug-2019 , 10:53:46 am | Posted By CASANSAAR
The GST annual return & GST audit report for the first year, which is 2017-18, had to be submitted before December 31, 2018, but saw three extensions - March 31, 2019, June 30, 2019 and finally August 31, 2019. However looking at the recent statistics released by the authorities it is observed t...
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Income Tax |
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0 | Hits : 4989
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Ontario draw targets Express Entry candidates with management and financial work experience
Posted Date : 20-Aug-2019 , 08:35:12 am | Posted By CASANSAAR
Ontario, home to both Canada’s capital city, Ottawa, and the country’s largest city, Toronto, issued 997 invitations to apply for Canadian permanent residence to Express Entry candidates on August 15.
Express Entry candidates who received an invitation were required to have work exper...
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Income Tax |
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Committee submits report on replacing I-T Act with Direct Tax Code
Posted Date : 20-Aug-2019 , 08:28:48 am | Posted By CASANSAAR
A committee headed by CBDT member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code, said the finance ministry on Monday.
The report's recommendations could not be known immediately.
The task force--as the committed was called officia...
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Income Tax |
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0 | Hits : 1484
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Government panel moots tax relief for companies
Posted Date : 20-Aug-2019 , 08:21:16 am | Posted By CASANSAAR
A government panel tasked with overhauling the nearly six-decade-old Income-Tax Act on Monday recommended significant relief for taxpayers, including an across-the-board 25% tax rate for both local and foreign companies and changes in personal tax slabs to benefit middle and upper middle class India...
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Income Tax |
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0 | Hits : 889
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Income Tax Dept issues checklist to trace unaccounted demonetisation cash
Posted Date : 19-Aug-2019 , 09:39:23 am | Posted By CASANSAAR
In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those who deposited unaccounted cash during demonetisation.
In a directive to the Principal Chief Commissioners of Income Tax and Principal Director Gen...
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Income Tax |
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0 | Hits : 999
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Govt panel gets time till Monday to submit direct tax code report
Posted Date : 17-Aug-2019 , 07:10:25 am | Posted By CASANSAAR
The much-awaited report on the new direct tax code (DTC), which will replace the existing income tax act of 1961, will be submitted to finance minister Nirmala Sitharaman on Monday, said one person privy to the development, requesting anonymity.
The finance ministry-appointed task force, headed b...
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Income Tax |
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No income tax on interest from accident compensation - HC
Posted Date : 13-Aug-2019 , 08:15:13 am | Posted By CASANSAAR
Forty years after an eight-year-old city boy was left maimed for life in a car accident, the Bombay High Court on Thursday held that income tax should not have been deducted from the interest on the compensation awarded by the court. The ruling was given by a bench of justices Akil Kureshi and S J K...
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Income Tax |
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0 | Hits : 911
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Income Tax Dept issues FAQs on filing tax returns to help taxpayers
Posted Date : 09-Aug-2019 , 08:09:35 am | Posted By CASANSAAR
The revenue department on Thursday released FAQs on filling income tax returns (ITR) with regard to reporting of directorship in a foreign company and equity shares held outside India.
Through frequently asked questions (FAQs), the Central Board of Direct Taxes (CBDT) has also clarified that repo...
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Income Tax |
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0 | Hits : 802
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Income Tax department launches e-filing Lite for taxpayers
Posted Date : 02-Aug-2019 , 12:20:55 pm | Posted By CASANSAAR
A 'lite' e-filing facility was launched by the Income Tax department on Thursday to facilitate the easy and quick filing of returns by taxpayers.
The facility was operationalised on the official portal of the department --https://www.incometaxindiaefiling.gov.in.
"The Income Tax d...
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Income Tax |
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0 | Hits : 997
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FIU slaps over Rs 15 cr fine on PNB for violating money laundering rules
Posted Date : 02-Aug-2019 , 12:12:35 pm | Posted By CASANSAAR
The Financial Intelligence Unit (FIU-Ind) has imposed a penalty of Rs 15.62 crore on state-owned Punjab National Bank (PNB) for breaching anti-money laundering rules. The FIU move against PNB is significant because it is based on inspection and review of the Bank during April 2016-November 2017, whi...
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Income Tax |
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0 | Hits : 914
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Income Tax dept to use data analysis, risk profiling to increase tax mop up
Posted Date : 30-Jul-2019 , 10:48:03 am | Posted By CASANSAAR
The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding confidence of achieving the direct tax mop-up target for the current fiscal.
In the 2019-20 Budget, the g...
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Income Tax |
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0 | Hits : 1227
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CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases
Posted Date : 27-Jul-2019 , 07:39:11 am | Posted By CASANSAAR
The CBDT on July 26 said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation.
The CBDT said the extension of time is being granted after co...
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Income Tax |
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0 | Hits : 1825
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Finance Minister introduces IBC bill for faster bad loan resolution
Posted Date : 25-Jul-2019 , 07:33:22 am | Posted By CASANSAAR
The government came out in support of financial creditors and spelled out concerns over extensive litigation causing undue delays in insolvency proceedings, while introducing the Insolvency and Bankruptcy Code Amendment Bill in the Rajya Sabha on Wednesday.
The statement of object and reasons sai...
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