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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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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Income Tax |
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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 |
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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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Income Tax |
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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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Income Tax |
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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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Income Tax |
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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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Govt collected more than Rs.2.35 lakh crore as cesses in 2016-17
Posted Date : 30-Jul-2017 , 12:02:08 pm | Posted By CASANSAAR
Government collected more than two lakh 35,000 crore rupees last fiscal by way of a host of cesses, including those on education, Swachh Bharat and Krishi Kalyan.
Minister of State for Finance Santosh Kumar Gangwar said this in a written reply in the Lok Sabha yesterday. He said the total r...
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Income Tax |
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CBI books additional commissioner of Income Tax in corruption charge
Posted Date : 28-Jul-2017 , 10:33:48 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Friday registered a case against an additional commissioner of Income Tax (I-T) and his family members in a disproportionate assets case after searching at least 10 locations.
The officer had amassed over Rs 6 crore while his known income d...
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Income Tax |
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Income Tax Dept to share vital data with MCA to nail shell companies
Posted Date : 28-Jul-2017 , 07:53:39 am | Posted By CASANSAAR
The tax authorities will now relay audit reports of corporates and specific information from their I-T returns along with PAN data to the Ministry of Corporate Affairs (MCA), as the government plans to crack down harder on shell companies.
The MCA has already come down heavily on shell companies ...
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Income Tax |
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NRIs' overseas bank info needed only for income tax refund
Posted Date : 25-Jul-2017 , 08:23:15 am | Posted By CASANSAAR
It is not mandatory for NRIs to provide details of their overseas bank accounts when they file tax returns and only those who seek refunds need to do so, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT), said on Monday, putting to rest all confusion on the issue. The Income tax d...
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Income Tax |
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Income Tax base widens to 6.26 cr in 2016-17 - CBDT
Posted Date : 25-Jul-2017 , 08:19:06 am | Posted By CASANSAAR
Income tax payer base moved up substantially to 6.26 crore at the end of the last fiscal, from nearly 4 crore earlier, CBDT Chairman Sushil Chandra said today.
Clearing the air on disclosure of bank account details of non-resident Indians (NRIs), expats, as well as foreigners with investments in ...
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Income Tax |
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Income Tax department detects Rs 19000 crore black money in ICIJ, HSBC cases
Posted Date : 22-Jul-2017 , 05:19:52 pm | Posted By CASANSAAR
The Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland, the government said today.
Finance Minister Arun Jaitley said investigations into information, put into public domain by the I...
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Income Tax |
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Income Tax dept transfers 245 commissioners for non performance
Posted Date : 17-Jul-2017 , 08:17:35 am | Posted By CASANSAAR
In one of the biggest reshuffles of income tax commissioners so far, the Central Board of Direct Taxes (CBDT) has transferred 245 commissioners across the country. While performance was one of the main criteria for transferring officials in key positions and shifting out non-performers from signific...
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Income Tax |
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IT Dept seeks explanation from 5.56 lakh more taxpayers for demonetisation deposits
Posted Date : 14-Jul-2017 , 05:10:52 pm | Posted By CASANSAAR
The Income Tax Department has, in the second phase of Operation Clean Money (OCM), identified 5.56 lakh people whose deposits during the demonetisation window do not match their income profile.
"These are persons whose tax profiles were found to be inconsistent with the cash deposits made by...
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Income Tax |
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Rs 3.5 crore cash, 5 kg gold recovered from Income Tax official
Posted Date : 13-Jul-2017 , 07:12:29 am | Posted By CASANSAAR
The CBI recovered Rs 3.5 crore cash and 5 kg gold during searches at the Kolkata residence of Jharkhand's Principal Commissioner of Income Tax in connection with a corruption case, the agency said.
The recoveries were made during simultaneous searches launched by the agency in the morning at ...
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Income Tax |
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FM Arun Jaitley launches new tax payer service module Aaykar Setu
Posted Date : 10-Jul-2017 , 10:29:19 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today launched a new tax payer service module called Aaykar Setu. It compiles various tax tools, live chat facility, dynamic updates, and important links to various processes within the Income Tax Department in a single module.
Speaking on the occasion, Mr Jait...
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Income Tax |
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SC directs Centre to start filling up vacancies in ITAT
Posted Date : 06-Jul-2017 , 08:13:26 am | Posted By CASANSAAR
The Supreme Court today asked the Centre to initiate within three weeks the process of filling up vacancies of presidents, vice presidents and members in different benches of the Income Tax Appellate Tribunals (ITAT) across the country.
A bench of Chief Justice J S Khehar and Justice D Y Chandrac...
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