Direct Tax Gross collections for 2018-19 upto November are at Rs 6.75 lakh Cr
Posted Date : 11-Dec-2018 , 08:53:56 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections for 2018-19 up to November this year show that Gross Collections are at 6.75 lakh crore rupees. This is 15.7 percent higher than the Gross Collections for the corresponding period of last year.
Finance Ministry said in a release that refunds amoun...
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Govt moves to redraft direct tax laws to modernize income tax
Posted Date : 27-Nov-2018 , 08:36:57 am | Posted By CASANSAAR
The Narendra Modi government will take a fresh look at modernizing the Income Tax Act, 1961, after an earlier effort by a six-member task force got derailed. The union government on Monday appointed Akhilesh Ranjan, member (legislation), Central Board of Direct Taxes (CBDT), as the new convener to h...
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Income Tax |
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Sunil Arora to be next chief election commissioner
Posted Date : 27-Nov-2018 , 08:29:31 am | Posted By CASANSAAR
President RN Kovind is said to have cleared the appointment of election commissioner Sunil Arora as the next Chief Election Commissioner. He is slated to take over as CEC on December 2, a day after incumbent Om Prakash Rawat retires.
The appointment of Arora, a former 1980 batch IAS officer of Ra...
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Income Tax |
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Task Force for drafting a New Direct Tax Legislation
Posted Date : 27-Nov-2018 , 08:27:52 am | Posted By CASANSAAR
In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017.
In partial modification of the earlier order, the Government has appointed Shri Akhilesh R...
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Income Tax |
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Income Tax Returns not filed in 80,000 cases Post-Notes Ban
Posted Date : 15-Nov-2018 , 12:48:47 pm | Posted By CASANSAAR
The Income Tax Department is "chasing" 80,000 cases where people have not filed their returns post-demonetisation, despite the taxman sending them notices to do so, a senior official said on Wednesday. After inaugurating a stall of the Income Tax Department at the India International Trade...
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Income Tax department to probe use of fake PAN cards in market trading
Posted Date : 05-Nov-2018 , 10:15:43 pm | Posted By CASANSAAR
The Income Tax Department will apparently seek details of trading worth thousand crores and more on equity exchanges which have been carried out a few years ago using fake Permanent Account Number (PAN) cards. According to a preliminary probe by Multi Commodity Exchange (MCX) between 2012 and 2015, ...
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75 lakh new tax filers added to income tax list this fiscal - CBDT
Posted Date : 05-Nov-2018 , 09:01:26 am | Posted By CASANSAAR
About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Cen...
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21,900 entities under IT Dept’s scanner for evading taxes of about Rs 3,400 Cr
Posted Date : 30-Oct-2018 , 09:31:12 am | Posted By CASANSAAR
As many as 21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the Bombay Stock Exchange (BSE) Ltd. Of the total 21,900 entities t...
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Income Tax |
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Income Tax dept proposes online filing of tax exemption application
Posted Date : 30-Oct-2018 , 09:15:47 am | Posted By CASANSAAR
Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday.
The department sought comments from stakeholders by November 12 on the amended rules and application forms see...
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Two crore Indians file returns but pay zero income tax
Posted Date : 24-Oct-2018 , 07:26:38 am | Posted By CASANSAAR
In the last four years, the government's efforts to widen the tax base resulted in an 80% jump in number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. However, a large number of these individuals are paying no tax at all. As many as 2.02 crore individuals filed income-tax...
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Income tax dept targets foreign assets in new anti-black money drive
Posted Date : 23-Oct-2018 , 09:41:19 am | Posted By CASANSAAR
The income tax department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday. The department, in coordination with their fore...
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SC denies income tax exemption to local authority
Posted Date : 20-Oct-2018 , 10:36:20 pm | Posted By CASANSAAR
In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order.
A top court bench gave its ruling on October 12, 2018 in respec...
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IT officer can’t adjust tax refund against outstanding demand without notice
Posted Date : 18-Oct-2018 , 03:19:42 am | Posted By CASANSAAR
As per the Income Tax Act, income tax officials need to serve a valid notice of demand to the concerned taxpayer before doing any adjustment against the demand. A valid notice means a notice which is served within the time-frame specified under the respective sections of the Income Tax Act. Thus, if...
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IPOs, FPOs, ESoPs exempt from STT for concessional LTCG tax
Posted Date : 07-Oct-2018 , 05:38:32 pm | Posted By CASANSAAR
Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier.
In the 2018-19 budget, the government had after a gap of 14 years reintroduced ...
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Pakora seller surrenders Rs 60 lakh to Income Tax department in Ludhiana
Posted Date : 06-Oct-2018 , 06:23:27 pm | Posted By CASANSAAR
When the Congress party had mocked Prime Minister Narendra Modi over his remark that selling ‘pakodas’ too was a form of self-employment, little did it know that a ‘pakora’ seller in Ludhiana would not only prove the PM right but far exceed his expectations.
On Friday morn...
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CBI arrests Income Tax officer for accepting Rs 10 lakh as bribe
Posted Date : 05-Oct-2018 , 07:47:52 am | Posted By CASANSAAR
The CBI has arrested an Income Tax inspector in Lucknow for allegedly receiving Rs 10 lakh in bribe to settle a tax case against a businessman, officials said Thursday. It was alleged that the Income Tax Inspector had demanded an illegal gratification of Rs 25 lakh for releasing Fixed Deposit Receip...
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Government notifies withholding tax waiver for masala bonds
Posted Date : 18-Sep-2018 , 09:25:15 am | Posted By CASANSAAR
Investors will not have to pay withholding tax, a key levy on the rupee-denominated masala bonds this financial year, the government said in a notification Monday.
The move is aimed at obtaining dollar inflows into the country at a time when a drastic rupee route against the dollar threaten...
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Foreign income of visiting NRI is not taxable - ITAT
Posted Date : 12-Sep-2018 , 10:08:26 am | Posted By CASANSAAR
In a recent decision, Income-Tax Appellate Tribunal (ITAT) has upheld that the benefit of “extended stay” for determining the tax residential status is available to a citizen of India or a Person of Indian Origin (PIO) who visits the country during a particular year.
The number of day...
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Govt to vet GST, income tax and transfer pricing filings to find leakage
Posted Date : 29-Aug-2018 , 08:33:54 am | Posted By CASANSAAR
The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter. Goods and services tax (GST) re...
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CBDT extends income tax return filing deadline to August 31
Posted Date : 21-Aug-2018 , 02:40:00 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has extended the deadline of filing income tax returns from July 31 to August 31. The decision comes days before the deadline and provides relief to individuals who were required to file returns by the month end. In a couple of tweets, The finance ministry sa...
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Govt invites comments on Proposed Amendments to Income-tax Rules,1962
Posted Date : 21-Aug-2018 , 12:17:26 pm | Posted By CASANSAAR
Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.
In order to rationalise ...
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Income tax deptt eyes over Rs 100 Bn from Struck off Companies
Posted Date : 18-Aug-2018 , 08:33:28 am | Posted By CASANSAAR
The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year.
The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for rest...
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Income Tax collection at record Rs 10.03 lakh Cr in 2017-18 - CBDT
Posted Date : 18-Aug-2018 , 08:18:03 am | Posted By CASANSAAR
Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) on Friday said.
Addressing a two-day conference of Income Tax administrators of Eastern Zone here, Shabri Bhattasali, member of CBDT said that during 2017-18, a reco...
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More than 2 lakh non-filers filed Income Tax of Rs 6,416 Cr in FY18
Posted Date : 07-Aug-2018 , 09:58:54 pm | Posted By CASANSAAR
As many as 2.09 lakh 'non-filers' filed income tax returns in last fiscal and paid taxes worth Rs 6,416 crore, Minister of State for Finance Shiv Pratap Shukla said today. In a written reply to a question in the Rajya Sabha, he said the I-T department issued notices to 3.04 lakh persons who ...
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Unit holders in SEZs likely to start ops in H2 2019 to get tax benefits: CBRE
Posted Date : 07-Aug-2018 , 11:52:57 am | Posted By CASANSAAR
Unit holders in special economic zones (SEZ) are likely to start operations during the second half of 2019 in order to avail tax incentives before the sunset date, according to property consultant CBRE.
Tax incentives granted to both developers and occupiers of SEZs will expire on March 31, 2020....
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Notices for assessment/reassessment of income of old cases
Posted Date : 03-Aug-2018 , 10:25:45 pm | Posted By CASANSAAR
Under the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations:
Under clause (c) of sub-section (...
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Income Tax dept can’t attach property being liquidated under IBC
Posted Date : 02-Aug-2018 , 08:56:02 am | Posted By CASANSAAR
Government agencies don’t have rights on the encumbered property of a company facing liquidation under the Insolvency and Bankruptcy Code, the Hyderabad High Court has ruled.
A Bench of Justices Sanjay Kumar and Amarnath Goud was hearing a case filed by Leo Edibles and Fats against a decisi...
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Assessee has to prove tax exemption - Supreme Court
Posted Date : 31-Jul-2018 , 09:27:40 am | Posted By CASANSAAR
The onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefit of any such ambiguity in provisions, a constitution bench of the Supreme Court said.
Experts said the ruling would completely alter precedents as also the pr...
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Income tax return filing deadline extended to August 31
Posted Date : 26-Jul-2018 , 01:52:08 pm | Posted By CASANSAAR
The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31. The tweet says "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Return...
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Income Tax Deptt to crack down on TDS defaults
Posted Date : 25-Jul-2018 , 08:33:52 am | Posted By CASANSAAR
The Income Tax Department is set to crack down on TDS defaults by government and private sector entities, especially e-retail portals, local bodies like panchayats, as the CBDT has directed its assessing officers (AOs) across the country to undertake at least 30 surveys or on-spot checks.
The dir...
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