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 |
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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 |
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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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Income Tax |
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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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Income Tax |
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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 |
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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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Income Tax |
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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 |
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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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Income Tax |
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Fin Creditors have realized claims of app Rs. 47,426.75 Cr in 26 cases under IBC
Posted Date : 25-Jul-2018 , 02:49:47 am | Posted By CASANSAAR
The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment.
The Union Minister of State further stated that the Insolvency & Bankruptcy Code lays down a time bound and transpa...
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Income Tax |
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Income Tax department seeks industry views on taxing overseas online companies
Posted Date : 14-Jul-2018 , 08:17:53 am | Posted By CASANSAAR
Seeking to tax overseas online companies deriving economic value in India, the I-T department today sought industry views on the revenue and user thresholds to determine if they have 'significant economic presence' in the country. Companies like Amazon, Google , Netflix, Facebook, Twitter, p...
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Income Tax |
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GST Practitioners required to pass examination before 31.12.2018
Posted Date : 12-Jul-2018 , 10:14:38 pm | Posted By CASANSAAR
National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Service Tax Practitioners (GSTP) in terms of sub-rule (3) of rule 83 of the Central Goods and Service Tax Rules, 2017, vide Notificati...
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Income Tax |
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Govt increase the monetary limits for filing Appeals at various levels
Posted Date : 11-Jul-2018 , 04:14:28 pm | Posted By CASANSAAR
In order to reduce the long pending grievances of taxpayers and to minimise litigations pertaining to tax matters and to facilitate the Ease of Doing Business, Government of India has decided to increase the threshold monetary limits for filing Departmental Appeals at various levels, be it Appellate...
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Income Tax |
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GST evasion of Rs 2,000 crore detected in last few months - CBIC
Posted Date : 07-Jul-2018 , 08:00:44 am | Posted By CASANSAAR
The indirect-tax department has detected goods and services tax (GST) evasion of Rs 2,000 crore over the last few months, John Joseph, member, Central Board of Indirect Taxes and Customs (CBIC), said on Friday, adding that a tenth of this came to light only last week. Independent analysts have, howe...
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Income Tax |
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UK court grants enforcement order in Mallya assets case
Posted Date : 05-Jul-2018 , 10:33:58 pm | Posted By CASANSAAR
A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Vijay Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore.
The order gran...
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Income Tax |
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Cabinet approves extension of Scheme of Recapitalization of Regional Rural Banks upto 2019-20
Posted Date : 05-Jul-2018 , 09:11:59 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the extension of the scheme of recapitalization of Regional Rural Banks (RRBs) for the next three years i.e. upto 2019-20. This will enable the RRBs to maintain the minimum prescribed Capital to Ris...
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Income Tax |
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Foreign Cos with POEM in India to be taxed at 40%
Posted Date : 28-Jun-2018 , 08:05:54 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess.
Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this...
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Income Tax |
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CBDT proposes clear-cut timelines under transfer pricing
Posted Date : 22-Jun-2018 , 08:39:43 am | Posted By CASANSAAR
The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements...
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Income Tax |
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Income Tax Dept detects Rs.10, 767 Crore undisclosed income during fiscal 2017-18
Posted Date : 18-Jun-2018 , 09:26:09 am | Posted By CASANSAAR
The Income Tax Department has detected undisclosed income of over Rs. 10,000 crore in fiscal 2017-18, thus recording a 20 percent surge over the previous fiscal.
A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Crimin...
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Income Tax |
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CBDT proposes changes to three IT forms, seeks public suggestions
Posted Date : 14-Jun-2018 , 08:59:02 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has proposed amendments in two forms and one rule under to Income Tax Rules, 1962 (I.T.Rules).
It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objection...
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Income Tax |
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Interest-free loan from employer taxable - ITAT
Posted Date : 12-Jun-2018 , 10:43:32 am | Posted By CASANSAAR
Interest-free loans extended by an employer are taxable in the hands of an employee as a perquisite, the Income Tax Appellate Tribunal (ITAT) has said.
However, the valuation of the taxable benefit or perquisite, which forms part of the salary income of the employee, cannot be done in an ad...
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Income Tax |
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Task Force on Shell Companies takes pro-active and coordinated steps to check the menace of shell companies
Posted Date : 08-Jun-2018 , 05:31:36 pm | Posted By CASANSAAR
The Task Force on Shell Companies has met 8 times since its constitution and has taken pro-active and coordinated steps to check the menace of shell companies. The ‘Task Force’ was set up in February, 2017 by the Prime Minister’s Office under the joint Chairmanship of the Revenue S...
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Income Tax |
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Get up to Rs. 5 Cr for information on tax evasion, benami transactions
Posted Date : 01-Jun-2018 , 07:59:09 pm | Posted By CASANSAAR
The government on Friday launched three new reward schemes under which a person can get up to Rs. 5 crore for information on tax evasion and 'benami' (proxy) transactions and properties. While a person can get maximum Rs. 5 crore for giving specific information about substantial tax evasion ...
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Income Tax |
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Income Tax Dept issues revised Income Tax Informants Reward Scheme, 2018
Posted Date : 01-Jun-2018 , 07:51:33 pm | Posted By CASANSAAR
With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the ea...
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Income Tax |
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ICICI Bank to probe charges against CEO Chanda Kochhar
Posted Date : 30-May-2018 , 10:40:08 pm | Posted By CASANSAAR
Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar.
ICICI Bank in a regulatory filing said the enquiry will be headed by an inde...
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Income Tax |
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Income-tax appeal limits may be raised to cut litigation
Posted Date : 30-May-2018 , 01:08:24 pm | Posted By CASANSAAR
In a move that will lead to more concentrated efforts in resolving tax litigation involving around Rs 5 trillion, the Central Board of Direct Taxes (CBDT) is planning to increase the threshold for filing appeals by income-tax (IT) authorities. The CBDT is planning to increase the limit for appeals t...
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Income Tax dept releases all e-filing forms for AY 2018-19
Posted Date : 27-May-2018 , 12:51:18 pm | Posted By CASANSAAR
The Income Tax department has released all the e-filing forms for the assessment year 2018-19, and has set the last date for filing income tax returns at July 31.
All the forms are available for download on the income tax department's official website.
The Central Board of Direct Tax...
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CBDT Chairman Sushil Chandra gets another one-year extension
Posted Date : 25-May-2018 , 09:14:09 pm | Posted By CASANSAAR
Senior bureaucrat Sushil Chandra was given one-year extension as the chairman of the Central Board of Direct Taxes (CBDT) till May next year.
This is his second extension after taking over as the chief of the CBDT, the apex policy making body of the Income Tax department, on November 1, 201...
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