Will income tax department extend July 31 deadline for ITR filing?
Posted Date : 14-Jul-2019 , 06:08:10 pm | Posted By CASANSAAR
Pressure is mounting on the income tax department to grant extra time to people for filing income tax returns on account of changes brought in the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers with t...
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Income Tax disputes of Rs 5.71 lakh crore pending with CBDT
Posted Date : 12-Jul-2019 , 09:03:06 am | Posted By CASANSAAR
Income Tax (IT) disputes pending as on 31st March 2019 for the Central Board of Direct Taxes aggregated to Rs 5.71 lakh crore. While the proportion of the new appeals rises, the disposal of these appeals has diminished from the previous year, as per report for FY20 by CBDT. The number of cases dispo...
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Income Tax |
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0 | Hits : 760
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CBDT targets 1.30 crore new tax filers in FY 2019-20
Posted Date : 10-Jul-2019 , 08:45:32 am | Posted By CASANSAAR
The Central Action Plan (CAP) for 2019-20 drafted by the Central Board of Direct Taxes (CBDT), which was recently circulated among its top cadre, continues to focus on widening the tax base. The CAP acts as the policy action vision document for the Income Tax Department and is unveiled by the tax re...
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Income Tax |
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Parliament passes bill to allow using Aadhaar for opening bank accounts, get phone connections
Posted Date : 09-Jul-2019 , 09:13:10 am | Posted By CASANSAAR
Parliament on Monday passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for users to open bank accounts and get a mobile phone connection.
The Aadhaar and Other Laws (Amendment) Bill, 2019, was passed by Rajya Sabha by a voice vote.
The Bill, which also provide...
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Income Tax |
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Income Tax Dept Working on Issuing E-Pan on Real-Time Basis
Posted Date : 09-Jul-2019 , 08:30:48 am | Posted By CASANSAAR
The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed Monday.
"Real time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC on ne...
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Income Tax |
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File tax returns if you have foreign trips, steep electricity bills
Posted Date : 08-Jul-2019 , 02:23:48 pm | Posted By CASANSAAR
The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of Rs 5 lakh.
Those mandated to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank ...
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Income Tax |
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Fund transfer through RTGS, NEFT set to get cheaper from today
Posted Date : 01-Jul-2019 , 08:52:10 am | Posted By CASANSAAR
Fund transfer through Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems is set to become cheaper after the Reserve Bank of India decided it will not impose any charges on such transactions.
After announcing its decision to waive all charges on fund tran...
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Income Tax |
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Aadhar (Amendment) Bill introduced in Lok Sabha
Posted Date : 25-Jun-2019 , 05:48:15 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad introduced the Aadhaar and and Other Laws (Amendment) Bill, 2019 in the Lok Sabha today. It will replace an ordinance issued in March this year and proposes stiff penalties for violation of norms.
The Bill seeks to amend Aadhaar (Targeted Delivery of Financial and...
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Income Tax |
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ED arrests two former IL&FS executives in money laundering probe
Posted Date : 20-Jun-2019 , 09:47:19 am | Posted By CASANSAAR
The Enforcement Directorate has arrested two former executives in connection with its money laundering probe in the Infrastructure Leasing and Financial Services Ltd (IL&FS) alleged financial irregularities case.
Officials said former joint MD of the company Arun K Saha and MD of ...
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Income Tax |
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New Income Tax guidelines tightens screw on tax evaders
Posted Date : 19-Jun-2019 , 09:45:32 am | Posted By CASANSAAR
Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person’s chances of getting relief in an income tax evasion offence beginning Monday, a latest directive issued by the CB...
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New income tax rules from today, no escape just by paying penalty
Posted Date : 17-Jun-2019 , 02:18:30 pm | Posted By CASANSAAR
Tightening the screw on tax evaders, the revised guidelines issued by the Income Tax (I-T) Department have made serious offences under black money and benami laws "generally" non-compoundable.
This means that a person or entity would not be able to settle a case of tax evasion by just p...
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Income Tax |
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CBDT demotes four Income Tax officers over pending vigilance issues
Posted Date : 12-Jun-2019 , 09:02:39 am | Posted By CASANSAAR
A day after the government forcibly retired a dozen senior Income-Tax Department officials over charges of corruption, the CBDT on Tuesday demoted four officials on the basis of "pending" vigilance cases against them. The four officials have been demoted from the rank of Joint Commissioner...
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Income Tax |
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CBIC releases Transition plan to the new GST Return
Posted Date : 12-Jun-2019 , 08:49:51 am | Posted By CASANSAAR
The GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers. In order to ease transition to the new return system, a transition plan has been worked out. The details of the indicative transition plan are as follows: -
In May, 2019 a prototyp...
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Income Tax |
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Govt orders compulsory retirement of 12 senior Income Tax officers for corruption, misconduct
Posted Date : 11-Jun-2019 , 08:35:31 am | Posted By CASANSAAR
Twelve senior officers of Income Tax Department including one of the ranks of the joint commissioner were compulsorily retired by the government on charges of corruption and professional misconduct.
Sources said the list is topped by a Joint Commissioner rank officer against whom there are ...
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Income Tax |
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Income Tax Dept trains officers to detect tax evasion in shell companies
Posted Date : 29-May-2019 , 09:08:39 am | Posted By CASANSAAR
The Income Tax Department continues to focus and enhance the skills of Assessing Officers (AO) to detect black money laundered through shell companies.
At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current lia...
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Income Tax |
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Income Tax Dept probing gains made in agriculture income during demonetisation
Posted Date : 16-May-2019 , 08:57:59 am | Posted By CASANSAAR
The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees.
Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Inc...
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Income Tax |
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Income Tax officers to fast track disposal of appeal cases
Posted Date : 15-May-2019 , 10:29:00 am | Posted By CASANSAAR
The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16.
In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that ...
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Income Tax |
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ITR e-filers by over 6.6 lakh in FY19:
Posted Date : 06-May-2019 , 10:08:09 am | Posted By CASANSAAR
In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation.
According to statistics put out on Income Tax Department's e-filing website, inco...
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Income Tax |
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CBDT to share ITR data with GSTN to detect tax evasion by business persons
Posted Date : 01-May-2019 , 09:24:21 am | Posted By CASANSAAR
Soon, the tax department will be sharing the income tax return (ITR) data of business persons with the Goods and Services Tax Network (GSTN) officer. The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR.
Clearly, business persons need to ensure that...
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Income Tax |
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HC sets aside CBDT’s plan of rewarding CITs-appeal
Posted Date : 23-Apr-2019 , 08:44:22 am | Posted By CASANSAAR
The Bombay high court has set aside that portion of CBDT’s action plan that sought to incentivise commissioners of income tax-appeals (CITs-A) who pass ‘quality’ orders, which could be detrimental to taxpayers.
“Any temptation in the guidelines, referred to as incentives f...
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Income Tax |
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Income Tax dept revises format of TDS certificate issued by employers
Posted Date : 16-Apr-2019 , 10:02:42 pm | Posted By CASANSAAR
The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under vario...
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Income Tax |
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Income Tax Appellate Tribunal gets third bench in Pune
Posted Date : 13-Apr-2019 , 09:32:29 am | Posted By CASANSAAR
The Income tax Appellate Tribunal (ITAT) established its first bench in Pune on August 9, 1971, while the second Bench was added in 2004. Pune is the fourth largest city as far as the number of pending appeals is concerned.
The Income tax Appellate Tribunal, Pune zone, got its third bench for Pun...
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Income Tax |
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SC directs parties to give details of donations received via electoral bond
Posted Date : 12-Apr-2019 , 01:17:43 pm | Posted By CASANSAAR
Hearing a petition challenging the validity of the electoral bond scheme, the Supreme Court on Friday directed all political parties to furnish details of donations received via these bonds and said that the issue raised in the petition is "vital to fairness” of electoral process.
The ...
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Income Tax |
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Govt retains interest rate for General Provident Fund at 8%
Posted Date : 10-Apr-2019 , 04:35:54 pm | Posted By CASANSAAR
The government has retained the interest rate for General Provident Fund, GPF, Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of current financial year.
The interest rate on these funds was at 8 per cent in January-March quarter of 2018-19 and gove...
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Income Tax |
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Taxmen to scrutinise mismatch between ITR and service tax returns
Posted Date : 10-Apr-2019 , 09:57:24 am | Posted By CASANSAAR
The revenue department has asked tax officials to scrutinise the mismatch in turnover towards services between income tax returns and service tax returns by businesses during 2015-16 and 2016-17.
Central Board of Indirect Taxes and Customs (CBIC) Chairman P K Das in a letter to field format...
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Income Tax |
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Holding period of house starts from date of allotment, not registration - ITAT
Posted Date : 08-Apr-2019 , 09:07:31 am | Posted By CASANSAAR
In a decision that will benefit many taxpayers, the Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that the date of allotment of a house shall be treated as the date of acquisition. The holding period will be counted from this date and not from the date of registration.
Gains ...
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Income Tax |
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0 | Hits : 972
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CBI Arrests Income Tax Officer in Bribery Case
Posted Date : 04-Apr-2019 , 07:53:39 pm | Posted By CASANSAAR
The CBI has arrested an income tax officer from Bengaluru allegedly for accepting a bribe of Rs 14 lakh from a complainant and was later produced before the court, an official said on Thursday.
According to sources, the officer has been identified as HR Nagesh. Besides Nagesh, the agency ha...
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Income Tax |
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Tax evasion may get more difficult as Income Tax Dept to use Big Data Analytics from April
Posted Date : 30-Mar-2019 , 07:58:06 am | Posted By CASANSAAR
Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department's realm of tools to check tax evasion starting April 1.
The Rs 1,000 crore programme named "Project Insight" would track social networking profiles...
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Income Tax |
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0 | Hits : 1881
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AO can suo moto extend time period for special audit retrospectively - SC
Posted Date : 30-Mar-2019 , 07:47:06 am | Posted By CASANSAAR
The Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008.
The judgment, which lays to rest a long controversy, relates to Section 142 (2C) of the Income Tax Act, which deals ...
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Income Tax |
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Income Tax Dept will compile profiles on taxpayers from 1st April
Posted Date : 26-Mar-2019 , 10:32:21 pm | Posted By CASANSAAR
The Income-Tax (I-T) Department will begin compiling comprehensive profiles on taxpayers from April 1, according to a Business Standard report. The move, which is a part of Project Insight, aims to track compliance of tax paying individuals and bring more people under the tax net, the paper said.
...
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