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 : 1020
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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 : 1907
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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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Income Tax |
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Foreign investors to pay higher taxes starting from April 1
Posted Date : 25-Mar-2019 , 08:38:56 am | Posted By CASANSAAR
Changes in the Sebi listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1.
The changes in DTAAs give India the right to tax capital gains arising on Indian equity s...
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Income Tax |
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RBI categorises IDBI Bank as private sector lender
Posted Date : 15-Mar-2019 , 08:27:24 am | Posted By CASANSAAR
IDBI Bank has been categorised as a private sector lender following acquisition of majority stake by Life Insurance Corporation, RBI said.
In January, LIC completed the process of picking up a controlling 51 per cent stake in the nearly crippled IDBI Bank.
"IDBI Bank has been categorised ...
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Income Tax |
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Income Tax Deptt to assess 80k big cash depositors during demonetisation
Posted Date : 07-Mar-2019 , 10:21:42 am | Posted By CASANSAAR
Over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17 will now be subject to a ‘best judgement’ ass...
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Income Tax |
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Link your PAN with bank for refunds - Income Tax Dept
Posted Date : 28-Feb-2019 , 04:57:29 pm | Posted By CASANSAAR
The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication.
The department said refunds will be sent to bank accounts as it...
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Income Tax |
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Income tax dept to issue only e-refunds from Mar 1, 2019
Posted Date : 27-Feb-2019 , 08:15:22 am | Posted By CASANSAAR
Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.
In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund.&n...
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Income Tax |
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Karnataka businessman jailed for income tax default of Rs 7.35 Cr
Posted Date : 18-Feb-2019 , 08:55:37 am | Posted By CASANSAAR
A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday.
"The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the ...
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Income Tax |
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0 | Hits : 1284
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Suspicious income tax refund claims under Income Tax Dept scanner
Posted Date : 12-Feb-2019 , 08:05:57 pm | Posted By CASANSAAR
Suspicious income tax refund claims have gone up in last three years and scrutiny assessments have been initiated against taxpayers claiming high refunds inconsistent with the pattern of income and investments, Parliament was informed Tuesday.
Minister of State for Finance Shiv Pratap Shukla in a...
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Income Tax |
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Income Tax Dept plans e-allocation, verification and hearing in scrutiny of returns
Posted Date : 12-Feb-2019 , 09:24:04 am | Posted By CASANSAAR
Hoping to cut down harassment of taxpayers during verification and scrutiny of income-tax returns, the Tax Department hopes to introduce features, including team-based assessment, video-conferencing and electronic review of orders, to ensure quality assessments and avoid high pitched tax demands.
...
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Income Tax |
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0 | Hits : 1103
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Income Tax Dept unearths Rs 20,000 cr Hawala racket in Delhi
Posted Date : 12-Feb-2019 , 08:44:10 am | Posted By CASANSAAR
The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over 20 thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Departme...
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Income Tax |
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RBI raises collateral-free farm loan limit to Rs 1.6 lakh
Posted Date : 07-Feb-2019 , 05:42:49 pm | Posted By CASANSAAR
RBI Governor Shaktikanta Das today announced that the limit of collateral free agricultural loans has been increased from one lakh to 1.6 lakh. Addressing the post monetary policy announcement in Mumbai today, Mr. Das said the decision has been taken in view of the overall inflation and rise in the ...
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Income Tax |
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Banks liable for unauthorised withdrawals from customer accounts - Kerala HC
Posted Date : 07-Feb-2019 , 10:08:03 am | Posted By CASANSAAR
The Kerala High Court has held that banks cannot be exonerated from liability for loss caused to a customer on account of unauthorised withdrawals made from his/her account, merely on the ground that the customer did not respond promptly to the SMS alert given by the bank.
The court observed that...
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Income Tax |
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Linking Aadhaar with PAN card compulsory to file income tax returns - SC
Posted Date : 06-Feb-2019 , 09:17:44 am | Posted By CASANSAAR
The Supreme Court on Monday said that it was essential to link Aadhaar with the PAN card to file income tax returns. The court was hearing the government’s plea against a Delhi High Court order allowing the respondent, Shreya Sen, to file income tax returns for 2018-’19 without linking h...
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Income Tax |
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0 | Hits : 1215
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Income taxpayers to start getting refunds within 24 hours in next 2 years
Posted Date : 06-Feb-2019 , 09:15:23 am | Posted By CASANSAAR
The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.
The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infra...
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Income Tax |
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Highlights Of Interim Budget 2019-20
Posted Date : 01-Feb-2019 , 01:53:22 pm | Posted By CASANSAAR
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:
New Announcements
Farmers
12 crore small and marginal farmers to be provided wit...
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Income Tax |
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Adjudicating Authority revokes benami attachment order against SRK
Posted Date : 30-Jan-2019 , 08:53:25 am | Posted By CASANSAAR
Actor Shah Rukh Khan has been absolved of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate Authority under the law has "revoked" the attachment order of the I-T Department, calling it baseless and coloured.
The Adj...
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Income Tax |
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Income Tax return processing time to reduce from 63 days to just 1 day
Posted Date : 17-Jan-2019 , 09:39:04 am | Posted By CASANSAAR
The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge...
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Income Tax |
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Govt eases norms for start-ups seeking exemptions from Angel Tax
Posted Date : 17-Jan-2019 , 09:35:45 am | Posted By CASANSAAR
Facing sustained pressure from start-ups and venture capital funds over the so-called angel tax, the government has relaxed norms for seeking exemptions from the controversial levy. The government, via a notification issued on Wednesday, scrapped the existing mechanism to approve start-ups applying ...
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Income Tax |
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Cabinet gives nod to integrated e-filing project for faster ITR processing
Posted Date : 16-Jan-2019 , 09:56:48 pm | Posted By CASANSAAR
The Union Cabinet today approved expenditure sanction of over 4200 crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project.
Union Minister Piyush Goyal said, it will help in improving tax payers' awareness and education through continuous engagement.&nbs...
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Income Tax |
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Income Tax exemption limit may go up in interim Budget
Posted Date : 16-Jan-2019 , 09:12:34 am | Posted By CASANSAAR
With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakhs to Rs 5 lakhs while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section alr...
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Income Tax |
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0 | Hits : 2093
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MCA to collect KYC details of Companies, CA, CS & CMAs
Posted Date : 07-Jan-2019 , 04:02:13 am | Posted By CASANSAAR
In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries.
A senior ministry official said the exercise would help in having a "sanitised list" of companie...
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Income Tax |
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0 | Hits : 2023
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Loans to wife written off by Jackie Shroff be treated as business loss - ITAT
Posted Date : 07-Jan-2019 , 09:23:50 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has allowed a sum of Rs 11.35 crore advanced by actor Jackie Shroff to his wife Ayesha and her production house to be treated as a business loss. As there was no hope of recovery of these advances, during the financial year 2008-09, the ac...
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Income Tax |
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0 | Hits : 1003
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Income Tax Deptt withdraws circular on transfer of shares for No or Inadequate Consideration
Posted Date : 07-Jan-2019 , 09:18:33 am | Posted By CASANSAAR
The Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for “no or inadequate consideration”, saying the matter is sub-judice.
The Central Board of Direct Taxes (CBDT) had on December 31, 2018, issued a circular clarifying applicability of sectio...
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Income Tax |
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Govt to set up panel to look into tax issues faced by startups
Posted Date : 21-Dec-2018 , 11:01:11 am | Posted By CASANSAAR
The government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors, the CBDT said Thursday.
It added that "no coercive action or measures to recover the demands of completed assessment under income tax would be take...
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Income Tax |
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0 | Hits : 746
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Govt makes NPS withdrawal 100% tax exempt
Posted Date : 11-Dec-2018 , 09:02:35 am | Posted By CASANSAAR
The government has made the National Pension System (NPS) more attractive for investors, with the biggest bonanza going to 18 lakh central government employees. The Centre will contribute 14% of basic salary to their pension corpus, up from 10%. The employee’s contribution will remain at 10%, ...
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