Government sets up task force to draft new Direct Tax Law
Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR
Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.
Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...
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Bank unions demand JPC probe into PNB fraud case
Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR
Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI).
"We are demanding a detailed JPC probe into the rec...
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Income Tax |
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ICICI Bank Chief Chanda Kocchar, Axis Bank MD Shikha Sharma summoned in PNB fraud case
Posted Date : 06-Mar-2018 , 03:08:36 pm | Posted By CASANSAAR
ICICI Bank Chief Chanda Kocchar and Axis Bank Managing Director Shikha Sharma were summoned for interrogation on Tuesday by Serious Fraud Investigation Office (SFIO), Mumbai, in the Punjab National Bank (PNB) scam case.
Both the bankers have been summoned in a case of over 5,000 crore rupee worki...
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Income Tax |
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CBI lens on Infosys staff, I-T officials and fake CA for fraud
Posted Date : 03-Mar-2018 , 01:00:52 am | Posted By CASANSAAR
The CBI is investigating a “revised tax returns” fraud involving several unknown employees of Infosys Technologies, officials from the I-T department and one fake CA from Bengaluru. This scam, benefiting employees of bellwether IT companies, was unearthed by the I-T department in late Ja...
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Income Tax |
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IT raid cases will not be processed under e-assessment - CBDT
Posted Date : 14-Feb-2018 , 09:19:04 am | Posted By CASANSAAR
The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the Central Board of Direct Taxes has said.
The CBDT added that the current system of ...
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Income Tax |
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Big relief for individuals! I-T scrutiny turns faceless with e-proceeding facility
Posted Date : 13-Feb-2018 , 04:22:20 pm | Posted By CASANSAAR
In a big relief for individuals facing income-tax (IT) scrutiny, the I-T department has said all further interaction would happen only through 'Eproceeding' facility, making the entire process faceless.
In a direction issued to the field officers Monday, the Central Board of Direct ...
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Income Tax |
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Govt mulls making PAN an Aadhaar-like unique ID for businesses
Posted Date : 12-Feb-2018 , 08:42:34 am | Posted By CASANSAAR
The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by Finance Minister Arun Jaitley in his budget speech.
An official told the Economic Times, this would help redu...
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Income Tax |
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Government mops up Rs 26,500 crore from those who didn't file tax returns
Posted Date : 10-Feb-2018 , 10:36:42 am | Posted By CASANSAAR
The government's drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till December.
In a written r...
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Income Tax |
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Direct tax collection grows Rs 6.95 lakh crore during April-January period
Posted Date : 09-Feb-2018 , 09:15:45 pm | Posted By CASANSAAR
The government's direct tax collection has grown 6(point)95 lakh crore rupees during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period.
The net collections for Corporate Income Tax, CIT, showed a growth of 19.2 per cent and for Personal Income ...
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Income Tax |
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Income Tax dept issues notices to crypto currency investors - CBDT
Posted Date : 06-Feb-2018 , 08:59:39 pm | Posted By CASANSAAR
The income tax department is issuing notices to people who invested in crypto currencies like bitcoin but did not declare income or ‘profits earned’ from them, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Tuesday.
The department has found that there is no clari...
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Income Tax |
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E-assessment of a taxpayer to be handled by two officers - CBDT
Posted Date : 02-Feb-2018 , 08:55:17 am | Posted By CASANSAAR
In a departure from the age-old procedure, the Central Board of Direct Taxes (CBDT) has stipulated that the ambitious e-assessment of a taxpayer will henceforth be handled by two officers, instead of the current system involving a single assessing officer (AO).
CBDT Chairman Sushil Chandra ...
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Income Tax |
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Do not donate over Rs.2,000 in cash to political parties - Income Tax Department
Posted Date : 24-Jan-2018 , 08:53:46 am | Posted By CASANSAAR
The Income Tax Department on Tuesday cautioned people against indulging in illegal cash transactions including donating more than Rs.2000 to political parties.
In a bid to clean up election funding, the government early this year had notified ‘electoral bonds’ that can be bought from ...
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Income Tax |
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Increase tax exemption limit to Rs 3 lakh - SEBI
Posted Date : 23-Jan-2018 , 08:39:57 am | Posted By CASANSAAR
With rise in personal disposable income post 7th Pay Commission, the income tax exemption limit needs to be raised by Rs 50,000 to Rs 3 lakh, a SBI report said today.
The move will benefit around 75 lakh people, it said.
The SBI's Ecowrap report further said that if the exemption limit of ...
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Income Tax |
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Defaulter of Income Tax TDS arrested and sent to jail by the Tis Hazari Court
Posted Date : 20-Jan-2018 , 10:07:07 pm | Posted By CASANSAAR
Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. It was found during investigations that the company had deducted TDS but had not deposited in the Government account despite there bei...
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Income Tax |
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Price Waterhouse moves SAT against SEBI's two-year ban ruling
Posted Date : 18-Jan-2018 , 09:03:01 am | Posted By CASANSAAR
Price Waterhouse has moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) order which has barred it from taking up audit of listed companies for a period of two years.
Beside PW, Sebi has also barred two of its partners for a period of three year...
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Income Tax |
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Income tax dept attaches benami properties worth Rs 3,500 crore
Posted Date : 12-Jan-2018 , 09:03:23 am | Posted By CASANSAAR
Buying real estate in the names of proxies and depositing demonetized cash in bank accounts of multiple employees were among the ways tax evaders laundered unaccounted wealth after the November 2016 demonetisation of high-value banknotes, the income tax department said on Thursday.
Intensive effo...
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Income Tax |
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Income Tax Dept warns of 7-year jail term and hefty fine in Benami Transactions
Posted Date : 11-Jan-2018 , 09:43:05 am | Posted By CASANSAAR
The Income-Tax Department on Wednesday warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years.
The department put out its alert in an advertisement published...
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Income Tax |
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CBI arrests Income Tax officer for accepting bribe
Posted Date : 04-Jan-2018 , 08:26:39 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested a Mumbai-based Income Tax officer for demanding and accepting a bribe of Rs 1 lakh from a person.
A case was registered against the accused under Section 7 of PC Act 1988 after a complaint was filed against the officer for alle...
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Income Tax |
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Income Tax Dept launches new e-Filing helpline for taxpayers
Posted Date : 02-Jan-2018 , 08:45:06 am | Posted By CASANSAAR
The income tax department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online.
The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: I...
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Income Tax |
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NCLT grants Bhushan Steel’s creditors permission to extend resolution period
Posted Date : 22-Dec-2017 , 09:06:46 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has granted Bhushan Steel’s committee of creditors (CoC) permission to extend the resolution period by 90 days beyond the initial 180-day time frame. On a plea of State Bank of India, Bhushan Steel was admitted in the insolvency court on July 26, under ...
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Income Tax |
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FinMin Release of Income Tax Return Statistics for AY 2015-16
Posted Date : 21-Dec-2017 , 09:12:34 am | Posted By CASANSAAR
In continuation of its efforts to place more and more information in public domain, the Central Board of Direct Taxes(CBDT) has released data relating to distribution of income and tax payable in respect of returns filed for the Assessment Year 2015-16. With this release, detailed income-tax data fo...
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Faceless and Nameless E-Assessment for Income Tax payers from 2018
Posted Date : 19-Dec-2017 , 08:43:25 pm | Posted By CASANSAAR
The government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal.
The Central Board of Di...
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Income Tax |
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SC extends Aadhaar-linking deadline for mobile phones, bank accounts to March 31
Posted Date : 15-Dec-2017 , 02:11:14 pm | Posted By CASANSAAR
The Supreme Court on Friday extended the deadline for linking of Aadhaar with mobile phone services and opening of new bank accounts to March 31, 2018, amid legal challenges over the legitimacy of the government’s push to make the biometric identification program mandatory.
The five-judge c...
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Income Tax |
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ED to issue FEMA notices to 46 Indian entities in PANAMA case
Posted Date : 15-Dec-2017 , 09:11:32 am | Posted By CASANSAAR
The Enforcement Directorate (ED) is set to issue fresh notices to more than 45 Indian entities named in the Panama Papers list on charges of possible forex law violations, official sources today said.
The agency, they said, is investigating about 46 "actionable" cases of Indians on this...
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Income Tax |
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Income Tax Dept conducts surveys at Bitcoin exchanges country wide
Posted Date : 13-Dec-2017 , 04:11:44 am | Posted By CASANSAAR
The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.
They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the ...
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Income Tax |
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Income Tax Department suspends an officer for harassing the taxpayer
Posted Date : 08-Dec-2017 , 08:17:43 pm | Posted By CASANSAAR
A complaint was received making serious allegations against Shri D. K. Meena, Deputy Commissioner of Income Tax, posted at Surendranagar in Gujarat Region for harassing a taxpayer in a scrutiny case with malafide intention. The officer was alleged to have demanded illegal gratification through the t...
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Income Tax |
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Taxman may invoke Benami Act for unexplained credits, investments
Posted Date : 07-Dec-2017 , 11:31:28 pm | Posted By CASANSAAR
The Income-Tax Department is scrutinising all unexplained credits and investments in personal as well as corporate income-tax filings and is looking to invoke the Benami Act in many cases, according to people in the know. Unexplained credits, in the books of a company or bank accounts of individuals...
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Income Tax |
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Income Tax department raids several locations in Delhi-NCR in panama paper case
Posted Date : 29-Nov-2017 , 07:32:10 am | Posted By CASANSAAR
The Income Tax (IT) department today conducted searches at over 25 locations in Delhi and the National Capital Region in connection with its tax evasion probe into the Panama Papers leak cases, official sources said.
The I-T teams swooped down on three business groups, which had interests in meta...
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Income Tax |
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Income Tax notices to 1.16 lakh for cash deposit of over Rs 25 lakh
Posted Date : 29-Nov-2017 , 07:25:47 am | Posted By CASANSAAR
The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said.
Besides, large cash deposit by people who have filed I-T re...
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Income Tax |
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Tax advisers may come under Income Tax department's scanner
Posted Date : 29-Nov-2017 , 07:19:20 am | Posted By CASANSAAR
Less than a month after International Consortium of Investigative Journalists (ICIJ) leaked financial data known as Paradise Papers, tax advisers of Indians named in the list of those with money stashed in tax havens could find themselves in the income tax net, said two people in the know. However, ...
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