Income tax department issues draft notification for registration of trusts
Posted Date : 18-Oct-2017 , 10:59:59 pm | Posted By CASANSAAR
The income tax department today came out with draft notification for fresh registration of trusts who have carried out modification of their objects.
The Finance Bill, 2017, proposed to amend section 12A of the Income Tax Act to state that where a trust/institution registered under section ...
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Income Tax dept launches ONLINE CHAT to answer taxpayers queries
Posted Date : 19-Oct-2017 , 09:22:12 am | Posted By CASANSAAR
The Income Tax Department has launched an 'online chat' service for taxpayers so that they can seek answers to their basic queries and doubts relating to direct tax issues.
A window has been hosted on the main page of the department's website -- www.incometaxindia.gov.in/ -- with a pr...
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Income Tax |
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Charitable trusts under Income tax scanner for cash donations
Posted Date : 13-Oct-2017 , 08:05:49 am | Posted By CASANSAAR
A number of charitable trusts are under scanner of income tax department for suspicious cash donations they have received after demonetization in the assessment year 2016-17.
Top sources in I-T department said that the number of NGOs and trusts selected for income tax scrutiny have doubled compar...
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Income Tax |
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Will new benami law be given retrospective effect - Delhi High Court
Posted Date : 11-Oct-2017 , 09:38:55 pm | Posted By CASANSAAR
The Delhi High Court asked the Income Tax department whether it intended to examine under the new benami law all accommodation entries made prior to 2016 when it came into effect.
The process adopted by an individual or company to bring unaccounted money back to their business without ...
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Income Tax |
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Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to September, 2017
Posted Date : 12-Oct-2017 , 07:05:22 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 39.4% of the total...
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Income Tax |
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Group of Ministers set up to make GST composition scheme more attractive
Posted Date : 09-Oct-2017 , 08:30:05 am | Posted By CASANSAAR
A group of ministers or GoM has been set up under Assam finance minister Himanta Biswa Sarma to make the composition scheme more attractive and to revisit the goods and services tax rates on restaurants.
The GST Council, chaired by finance minister Arun Jaitley and consisting of his state c...
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Income Tax |
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13 banks submit data on 13,140 suspicious accounts and 5800 companies
Posted Date : 06-Oct-2017 , 09:10:21 pm | Posted By CASANSAAR
Finance Ministry has received details of suspicious post-demonetisation transactions and bank account operations of 5,800 companies whose names were struck off by the Registrar of Companies earlier this year. From a balance of Rs 22 crore during the pre-demonetisation days, these accounts saw a cred...
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Income Tax |
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Income Tax dept fastens belt to add 1.25 cr new tax filers this fiscal
Posted Date : 28-Sep-2017 , 04:55:40 pm | Posted By CASANSAAR
The Income Tax Department has been tasked to add 1.25 crore new return filers in the current financial year as part of the government's plan to widen the tax base in the country.
The Central Board of Direct Taxes (CBDT), that makes policy decisions for the I-T department, has directed the tax...
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Individual and corporates advance tax filings under I-T scanner
Posted Date : 26-Sep-2017 , 08:32:25 am | Posted By CASANSAAR
The Income Tax (I-T) department is seeking an explanation from a number of corporate and individual tax assessees, who have filed their self-assessment for the past three years, for deferring their advance tax, reports Business Standard.
The financial daily reports that the tax department suspect...
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Income Tax |
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Vijay Mallya diverted most of Rs 6000-cr loan to shell firms in 7 nations
Posted Date : 25-Sep-2017 , 05:02:21 pm | Posted By CASANSAAR
Strengthening the case for fugitive businessman Vijay Mallya's extradition from the United Kingdom, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are reported to be preparing a charge sheet alleging the former liquor baron laundered a major chunk of the Rs 6,027-...
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Income Tax deptt asks taxpayers to update their information on e-filing portal
Posted Date : 23-Sep-2017 , 10:05:43 am | Posted By CASANSAAR
Please note following changes in your Income Tax Profile. You may be required to update your Mobile Number and Email Address in your Income Tax Profile upon Login:
1. Now you need to provide your own email address + your own mobile number.
2. One Mobile Number & One Email Address can be us...
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Income Tax |
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Income Tax Deputy Commissioner, 2 others arrested in Rs 3 crore bribery case
Posted Date : 23-Sep-2017 , 09:48:11 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) today arrested a Deputy Commissioner of Income Tax, Mumbai and his two accomplices in an alleged bribery of Rs three crore.
The I-T Deputy Commissioner was picked up from the Aaykar Bhawan in Churchgate on Friday evening after arrest of one of his accompl...
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Income Tax |
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Tax Payers advised to confirm identities of Income Tax Search Authorities
Posted Date : 23-Sep-2017 , 09:43:52 am | Posted By CASANSAAR
The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law.
However, instances have been brought to the notice of department wherein, certain unscrupulous...
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Income Tax |
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Tax audit assessees including Companies may face additional tax compliance burden
Posted Date : 20-Sep-2017 , 08:01:29 am | Posted By CASANSAAR
To get a better perspective of the likely reliable flow of tax revenues to the exchequer in a fiscal year, the Central Board of Direct Taxes (CBDT) has decided to usher in a self-reporting mechanism for corporates for their estimated incomes, tax payments and advance tax liability.
The proposed m...
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Income Tax |
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Voluntary Reporting of Estimated Current Income and Advance Tax Liability
Posted Date : 19-Sep-2017 , 09:31:01 pm | Posted By CASANSAAR
A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more. This interest is levied as per the provision...
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Income Tax |
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Income Tax department goes after defunct companies for tax frauds
Posted Date : 18-Sep-2017 , 08:22:12 am | Posted By CASANSAAR
The tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government — something the revenue department has rarely done in the past.
Former directors of such closely-held private companies, which have received tax notices alon...
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Income Tax |
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Direct tax revenue grows 17.5% to Rs 2.24 lakh cr in Apr-Aug
Posted Date : 12-Sep-2017 , 08:15:17 am | Posted By CASANSAAR
Direct Tax Collections has shown a growth of 17.5 percent upto August this year, standing at 2.24 lakh crore rupees which is 17.5 percent higher than net collections for same period last year.
This collection is 22.9 percent of the total Budget Estimates of Direct Taxes for the Financial Ye...
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Income Tax |
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After PAN, Bank a/cs, link your SIM with Aadhaar to avoid deactivation
Posted Date : 11-Sep-2017 , 08:10:07 am | Posted By CASANSAAR
After PAN cards and bank accounts, Aadhaar linking is likely to become mandatory for mobile phones, said media reports.
According to a report in IANS, the government is planning to mandate the linking of Aadhaar with SIM cards. All phones, not linked with Aadhaar, will be deactivated after Februa...
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Income Tax |
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Taxmen to snoop social networking sites to trace black money
Posted Date : 11-Sep-2017 , 07:54:30 am | Posted By CASANSAAR
A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money.
'Project Insight', likely to be launched next month, will use big data analy...
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Dr Ajay Bhushan Pande will be new Chairman of GSTN
Posted Date : 08-Sep-2017 , 08:01:50 pm | Posted By CASANSAAR
Dr Ajay Bhushan Pande will hold charge of chairman GSTN in place of Navin Kumar who retired recently. He is DG UIDAI (Aadhar)
He brings with him his vast experience of implementing complex IT projects. I welcome him to the Team GST of Revenue deptt. - tweet by Dr Hasmukh Adhia
...
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Income Tax |
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PM asks taxmen to be friendly to honest taxpayers
Posted Date : 01-Sep-2017 , 09:42:29 pm | Posted By CASANSAAR
Prime Minister Narendra Modi on Friday asked tax officials to be friendly to honest taxpayers as part of his efforts to end the fear of the taxman and make India a more tax compliant society.
Inaugurating the second edition of 'Rajaswa Gyan Sangam' -- the joint conference of direct and an...
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Income Tax Dept once again warned people against cash dealings of Rs 2 lakh & more
Posted Date : 29-Aug-2017 , 08:26:52 am | Posted By CASANSAAR
The Income Tax Department once again warned people against cash dealings of 2 lakh rupees and more, saying any violation of this cap will invite strict penalty under law. In a public message yesterday, the department said accepting 2 lakh rupees or more in aggregate from a single person in a day for...
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Income Tax |
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Income Tax Department officials conduct massive raid in NCR
Posted Date : 21-Aug-2017 , 09:59:29 pm | Posted By CASANSAAR
Income Tax department on Monday morning conducted a massive raid in Delhi and National Capital Region (NCR), a media report said.
Over 500 I-T department officials are already on the way to conduct searches in the capital of the country, as reported by DNA.
As per the report, the s...
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Govt steps up scrutiny on black money, tax evaders in shell Companies; forms special team
Posted Date : 17-Aug-2017 , 08:51:30 am | Posted By CASANSAAR
When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth.
The moment, said a top aide to Modi, was an eye-opener for the go...
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Income Tax |
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Govt extends time limit for filing of GST returns
Posted Date : 08-Aug-2017 , 09:39:40 pm | Posted By CASANSAAR
The Central Government today extended the date of filing returns under the Central Goods and Services Tax Act (CGST), 2017.
As per the Notification, the details of outward Supplies in FORM GSTR-1 under s. 37 of the CGST for the month of July and August shall be filed from 1st to 5th Septemb...
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25% growth in number of ITRs filed in current fiscal, Advance Tax collections up by 41%
Posted Date : 07-Aug-2017 , 10:34:02 am | Posted By CASANSAAR
As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns(ITRs) filed. The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registeri...
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Govt moves to check benami, Aadhaar to be made must for property deals
Posted Date : 02-Aug-2017 , 10:58:18 am | Posted By CASANSAAR
In a move meant to curb benami transactions and the use of black money in real estate deals, the government is planning to make Aadhaar-based authentication mandatory at the time of registration of documents such as agreement for sale, power of attorney and will among others. The government has also...
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Income Tax |
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Recovery of undisclosed income post demonitization
Posted Date : 01-Aug-2017 , 09:53:47 pm | Posted By CASANSAAR
With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating black money which casts a long shadow of parallel ...
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Income Tax |
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Increase in number of Income Tax payers after demonetisation
Posted Date : 01-Aug-2017 , 09:52:37 pm | Posted By CASANSAAR
The number of income tax payers has increased after demonetization. During the period of 09.11.2016 to 31.03.2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of FY 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15.
...
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Income Tax |
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Due date for filing Income tax returns extended to 05th August 2017
Posted Date : 31-Jul-2017 , 03:27:27 pm | Posted By CASANSAAR
In view of the difficulties faced by taxpayers, date for filing of Income Tax Returns for FY 2016-17 has been extended from 31st July to 5th August, 2017. - Tweet by Income Tax Deptt.
www,casansaar.com....
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