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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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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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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Income Tax |
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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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Income Tax Department detects over Rs 540 cr black money in last fortnight
Posted Date : 19-Apr-2017 , 02:10:24 pm | Posted By CASANSAAR
With the PMGKY black money window closed on March 31, the Income Tax department has detected over Rs 540 crore black money in the next 15 days as part of its nationwide operations to check tax evasion. Officials said the tax sleuths, in the first fortnight of the new financial year that began on Apr...
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4 lakh companies face deregistration for not filing Income Tax returns
Posted Date : 18-Apr-2017 , 08:22:06 am | Posted By CASANSAAR
As part of the crackdown on shell companies, over a third of the 11 lakh active Indian companies face the prospect of their names being struck off or deregistered as they have failed to file their income tax returns for three financial years.
Starting last month, notices are being sent out to ove...
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Income Tax |
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60,000 notices afoot as Income Tax spots Rs 10K cr black money
Posted Date : 15-Apr-2017 , 07:46:45 am | Posted By CASANSAAR
A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prim...
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Income Tax department asks financial institutions to get accounts self-certified by April 30
Posted Date : 11-Apr-2017 , 05:44:33 pm | Posted By CASANSAAR
The tax department today asked financial institutions (FIs) to get self-certification from account holders by April 30 to comply with FATCA provision and avoid blocking of accounts.
"The account holders may be informed that, in case self-certifications are not provided till April 30, 2...
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Income Tax |
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Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962
Posted Date : 11-Apr-2017 , 01:52:40 pm | Posted By CASANSAAR
The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to obtain self-certification and carry out due diligence in resp...
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1.37 crore who don’t file returns are now on Income Tax radar
Posted Date : 07-Apr-2017 , 07:51:53 am | Posted By CASANSAAR
ARMED WITH information on cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions.
Alongs...
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Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings
Posted Date : 06-Apr-2017 , 08:00:59 am | Posted By CASANSAAR
Ban on cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said today. Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh and said a penalty of an equal amount wo...
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Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income
Posted Date : 05-Apr-2017 , 08:48:54 pm | Posted By CASANSAAR
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 201...
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SC grants three weeks to Govt to fill up vacancies in ITAT
Posted Date : 03-Apr-2017 , 07:47:21 pm | Posted By CASANSAAR
The Supreme Court today granted three weeks to the Centre to fill up the vacancies of presidents and vice presidents 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 Chandrachud also asked Solicitor General R...
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Most important income-tax changes which will apply from April 1, 2017
Posted Date : 25-Mar-2017 , 09:59:39 am | Posted By CASANSAAR
With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017-18. The tax proposals in the Budget 2017 have now become law. Below are 10 most important income-tax changes that will affect you next month:
1. With a decrease in tax rate from 10...
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Income computation & disclosure standards to be applicable from April 2016
Posted Date : 24-Mar-2017 , 08:47:40 am | Posted By CASANSAAR
The income tax department on Thursday clarified that the income computation and disclosure standards (ICDS) will prevail over judicial precedents with effect from April 2016.
ICDS are a set of 10 standards that will change the way companies calculate income in India. The ICDS norms were initially...
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Govt removes 1% tax on cash purchase above Rs 2 lakh
Posted Date : 24-Mar-2017 , 08:44:34 am | Posted By CASANSAAR
The government has done away with the 1% tax on cash payments of over Rs2 lakh for purchase of any goods or service after it banned cash dealings above that limit from 1 April.
Finance minister Arun Jaitley, in his Budget for 2016-17, had provided for the seller to collect tax at the rate of 1% f...
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SRK must pay tax on notional rent from Dubai villa - ITAT
Posted Date : 23-Mar-2017 , 09:05:09 am | Posted By CASANSAAR
Actor Shah Rukh Khan has to include notional rent from his Dubai villa in his income-tax return filed in India, the Income-tax Appellate Tribunal (ITAT) has ruled.
Khan had submitted to the ITAT that under the India-UAE tax treaty, income from immovable property in Dubai would be liable to tax in...
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Action will be taken against 9.3 lakh who didn't respond to Income Tax queries FM
Posted Date : 23-Mar-2017 , 08:59:45 am | Posted By CASANSAAR
Action will "definitely" be taken against 9.29 lakh entities who have not responded to the Income Tax department's queries over cash deposited by them which did not match their income profile, the government asserted today.
During the 50-day demonetisation period, 18 lakh enti...
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Govt proposes to lower cash transaction limit to Rs.2 lakh
Posted Date : 22-Mar-2017 , 09:18:46 am | Posted By CASANSAAR
Continuing the clampdown on cash transactions, the Centre proposes to further tighten payment norms by capping cash transactions at Rs.2 lakh.
“In the official amendment to the Finance Bill, 2017, the government has proposed that limit of Rs.3 lakh for cash transactions, beyond which it is ...
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Income Tax |
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Income Tax department names and shames 29 defaulters
Posted Date : 19-Mar-2017 , 07:52:29 pm | Posted By CASANSAAR
Pursuing with its ‘name and shame’ policy, the income tax department published the names of 29 large defaulters on Saturday through advertisements in national news papers. Together, these defaulters owe Rs 448.02 crore to the I-T department. The dues include both income tax and corporate...
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No proposal to replace Income Tax with BTT - Govt
Posted Date : 18-Mar-2017 , 09:06:40 am | Posted By CASANSAAR
There is no proposal “at present” to replace Income Tax with Banking Transaction Tax or BTT, the government said today.
To a query if the government has any proposal to replace the Income Tax with BTT, Minister of State for Finance Santosh Kumar Gangwar said: “There is no such p...
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