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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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 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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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 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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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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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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Credit card bill payment exempt from cash dealing limit
Posted Date : 04-Jul-2017 , 04:42:03 pm | Posted By CASANSAAR
Restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue department has said.
The Finance Act 2017 banned cash transaction of Rs 2 lakh or above with effect April 1, 2...
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Income Tax |
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Aadhaar mandatory for opening bank account, transactions of Rs 50000 and above
Posted Date : 16-Jun-2017 , 05:05:10 pm | Posted By CASANSAAR
In a fresh development, Government has made Aadhaar mandatory for opening a bank account. It has also made it mandatory for financial transactions of Rs 50,000 and above. All the existing account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will bec...
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Income Tax |
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DGFT creates GST Facilitation Cell for exporters
Posted Date : 10-Jun-2017 , 08:37:53 pm | Posted By CASANSAAR
DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other offic...
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SC upholds law making Aadhaar mandataory for PAN, ITR
Posted Date : 09-Jun-2017 , 10:00:12 pm | Posted By CASANSAAR
The Supreme Court today upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided.
In effect, those who possess an Aadhaar card must link it to their Permanent A...
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Income Tax |
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Income Tax dept will probe cases of spike in income under revised returns
Posted Date : 09-Jun-2017 , 09:32:37 am | Posted By CASANSAAR
Those who showed a sudden spike in income when filing revised tax returns after demonetisation should now prepare themselves to face scrutiny.
These cases are in addition to the 1 lakh high-risk cases already identified by the income tax department for scrutiny based on information gathered...
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Income Tax department might follow the GST path
Posted Date : 08-Jun-2017 , 07:17:17 am | Posted By CASANSAAR
India is soon going to follow the one-nation, one-tax principle after the implementation of the goods and services tax (GST) from July 1. However, the same principle might be adopted in a much more broader sense and this time specifically by the Income Tax Department.
The department might...
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Income Tax |
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Income Tax department sets capital gains tax rules straight on Esop, FDI
Posted Date : 06-Jun-2017 , 05:37:21 pm | Posted By CASANSAAR
In a significant decision, the Income-Tax Department has clarified about tax rules for capital gains tax made on certain equity investments in case no securities transactions tax (STT) has been paid, putting an end to the uncertainty that arose from the budget proposal relating to such transactions....
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Income Tax department warns against cash dealings of Rs 2 lakh
Posted Date : 05-Jun-2017 , 08:36:32 am | Posted By CASANSAAR
The Income-Tax Department warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.
It also advised people having knowledge of such dealings to tip-off the tax department by sending an email to...
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Last Date for furnishing of SFT extended to 30th June 2017
Posted Date : 31-May-2017 , 02:32:49 pm | Posted By CASANSAAR
CBDT has extended the date of furnishing of the statement of financial transacation under Rule 114(5) of the Rules, read with sub section (1) of section 285BA of the Act for the Assessment Year 2017-18 from 31st May 2017 to 30th June 2017 in case of person throughout india who are liable to furnish ...
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Undisclosed funds in someone else’s account can be seized: HC
Posted Date : 30-May-2017 , 10:41:12 am | Posted By CASANSAAR
The Delhi high court on Monday upheld the validity of one of the first post-demonetisation raids and seizures carried out by Income Tax authorities in the capital this year.
A bench of Justices S Muralidhar and Chander Shekhar also said the department had powers to seize unexplained funds lying i...
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Income Tax dept launches facility to correct errors in PAN, Aadhaar
Posted Date : 23-May-2017 , 07:38:37 am | Posted By CASANSAAR
The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document.
Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing ...
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FM launches clean money portal as govt tightens grip on tax evaders
Posted Date : 17-May-2017 , 08:28:04 am | Posted By CASANSAAR
The Centre has turned its heat on tax evaders with a new portal to investigate them.
The portal designed by the Central Board of Direct Taxes (CBDT) will identify those who have made large deposits or purchases and which are not in line with declared income as a follow-up to Operation Clean...
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1.58 lakh taxpayers under I-T dept scanner for partial account declarations
Posted Date : 17-May-2017 , 07:54:36 am | Posted By CASANSAAR
The income tax department has identified 5.68 lakh new cases for verification, including 1.58 lakh taxpayers who made partial declaration of accounts in the past.
Post demonetisation on 8 November, the tax department is flushed with information from various sources, including statement of financi...
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Income Tax |
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91 lakh persons come under tax net post note ban - FM
Posted Date : 17-May-2017 , 07:50:22 am | Posted By CASANSAAR
The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said.
Launching a new website on 'Operation Clean Money', a programme to bring illegal wealth on books, he said the fallout of the November 8 de...
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Income Tax dept launches new e-facility to link your Aadhaar with PAN
Posted Date : 11-May-2017 , 08:12:50 pm | Posted By CASANSAAR
Income Tax (IT) Department simplifies linking PAN with Aadhaar for taxpayers using Income Tax India website
No need to login or be registered on the E-filing website for linking
The Income Tax (IT) Department has made it easy for taxpayers to link their PAN with Aadh...
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Income Tax |
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Enforcement Directorate, I-T department set to get more powers
Posted Date : 09-May-2017 , 04:27:39 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) and the Income Tax Department are set to get more teeth, with the Centre planning to empower the two agencies to auction assets of defaulters or those involved in money laundering, according to a report in Business Standard.
The ED’s existing powers allow it...
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GST council’s sub-panel to fix tax rates of goods, services by weekend
Posted Date : 03-May-2017 , 09:30:29 am | Posted By CASANSAAR
The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unif...
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No income tax on salary deducted if notice period not served - ITAT
Posted Date : 22-Apr-2017 , 11:07:25 am | Posted By CASANSAAR
The Income-tax Appellate Tribunal (ITAT) which adjudicates Income-tax (I-T) disputes, has held that an amount deducted by an employer for not serving out a notice period cannot be brought to tax.
In this case, two companies while settling dues had deducted salary for the notice period which...
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Govt further extends deadline for deposits under PMGKY to April 30
Posted Date : 20-Apr-2017 , 09:04:33 am | Posted By CASANSAAR
Government has extended the last date to make deposits under the Pradhan Mantri Garib Kalyan Yojna (PMGKY) to 30th of this month for those availing the scheme and have already paid tax, surcharge and penalties.
The scheme, which opened in December last year, provided last chance to holders ...
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