Govt to write off tax dues up to Rs 100; 21.54 lakh to benefit
Posted Date : 18-Mar-2017 , 08:41:27 am | Posted By CASANSAAR
As one time measure, the government has decided to write off outstanding taxes of 21.54 lakh taxpayers who owe Rs 100 or less.
This was stated by Minister of State for Finance Santosh Kumar Gangwar in a written reply in the Lok Sabha on Friday.
He said that with a view to reducing the administ...
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CAG questions income tax dept’s ability to probe shell companies
Posted Date : 16-Mar-2017 , 09:29:52 am | Posted By CASANSAAR
Although the government has repeatedly vowed to prosecute shell companies for their role in money laundering, especially during the demonetisation period, the audit report prepared by the comptroller and auditor general (CAG) for FY 16 paints a bleak picture of the income tax department’s (ITD...
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Income Tax dept issues 5,100 notices for suspicious deposits post cash ban
Posted Date : 16-Mar-2017 , 09:24:36 am | Posted By CASANSAAR
The income tax department has issued about 5,100 notices for high-value suspicious deposits post demonetisation and people have admitted to undisclosed income of over Rs 5,400 crore, Parliament was informed today. The department has conducted more than 1,100 search and survey operations and issued a...
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Income Tax |
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Govt approves only 10 startups for availing tax benefits
Posted Date : 16-Mar-2017 , 09:20:20 am | Posted By CASANSAAR
The government has approved only 10 startups for availing tax benefits since the launch of Startup India programme in January 2016, Parliament was informed today.
As on March 9, the government received 1,835 applications for seeking recognition under the Startup India programme and out of this, 7...
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Income Tax dept initiates probe against petrol pumps for converting black money
Posted Date : 08-Mar-2017 , 07:37:25 am | Posted By CASANSAAR
Income Tax department has launched a probe against petrol pumps for suspected conversion of unaccounted cash during demonetisation. Petrol pumps were allowed to accept old currency notes in payments towards refueling of vehicles after demonetisation.
They are under the scanner of the I-T departme...
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Govt set to prosecute 10 lakh shell companies for tax evasion
Posted Date : 02-Mar-2017 , 08:00:27 am | Posted By CASANSAAR
A government task force on action against shell companies has decided to prosecute about 10 lakh such firms and prepare an Aadhaar-based KYC registry to check future black money generation through them.
The special task force, with members from various central probe and enforcement agencies, has ...
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Income Tax |
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Income Tax dept to go easy on Rs 5 lakh deposits by people above 70 years
Posted Date : 23-Feb-2017 , 08:03:51 am | Posted By CASANSAAR
The Income tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs 2.5 lakh for other individuals. “There is absolutely no cause for panic. We are not going after everyon...
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Income Tax Dept to Launch 2nd phase of Bank Accounts' scrutiny next month
Posted Date : 21-Feb-2017 , 06:49:44 am | Posted By CASANSAAR
The Income Tax department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs. 5 lakh for now. The Income Tax department will appoint two data analytics firms in next...
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Children's accounts to come under Income Tax scanner
Posted Date : 20-Feb-2017 , 08:01:15 am | Posted By CASANSAAR
Bank accounts in the name of children and a sudden surge of balance in them in the weeks after November 8 demonetisation will now be scrutinised by income tax authorities.
Swollen zero balance Jan Dhan accounts will also come under scanner as the I-T department is preparing to send emails t...
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Income Tax dept to follow-up with over 1 million taxpayers on high-value deposits
Posted Date : 18-Feb-2017 , 08:29:21 am | Posted By CASANSAAR
The income tax (I-T) department will issue follow-up letters to more than 1 million taxpayers who have failed to respond to its missives to explain high-value cash deposits in bank accounts between 9 November and 30 December.
As part of Operation Clean Money, to begin with, the department had sen...
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Online Income Tax grievance redressal facility launched at 60 offices
Posted Date : 16-Feb-2017 , 08:07:25 am | Posted By CASANSAAR
After launching the ambitious e-nivaran facility for online redressal of taxpayers’ grievances, the Income Tax Department has now opened these windows at its 60 special offices across the country. The facility will soon be launched at 100 more such special tax offices, called Aaykar Sampark Ke...
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Income Tax department's mobile app for income tax, PAN soon
Posted Date : 16-Feb-2017 , 08:00:13 am | Posted By CASANSAAR
The Income Tax department is developing an App that will soon allow assesses to pay taxes or apply for PAN using smartphones. The department is also working on a project to issue Permanent Account Numbers, PAN to assesses within minutes by way of e-KYC authentication using Aadhaar.
It will ...
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Income Tax |
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5.27 lakh assessees respond to Income Tax query on cash deposits
Posted Date : 14-Feb-2017 , 07:59:37 am | Posted By CASANSAAR
The Income Tax Department today said ‘Operation Clean Money’ launched for e-verification of large cash deposits made during the period from November 9 to December 30 last year has received an overwhelming response with more than 5.27 lakh taxpayers submitting their response out of the 18...
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Income Tax |
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Income Tax dept issues 1.62 cr refunds worth Rs 1.42 lakh cr
Posted Date : 14-Feb-2017 , 07:52:51 am | Posted By CASANSAAR
The income tax department has issued refunds of 1.42 lakh crore rupees so far this fiscal. It is 41.5 per cent higher than last year. The centralised processing centre of the tax department has already processed over 4.19 crore income tax returns and issued over 1.62 crore refunds during the current...
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Income Tax dept extends response window on deposit details to Feb 15
Posted Date : 12-Feb-2017 , 10:26:16 pm | Posted By CASANSAAR
The Income Tax department has extended the date for replying to the queries on cash deposits during the demonetisation period till Wednesday.
On 31st of last month, the tax department had launched 'Operation Clean Money' under which it had sent out SMS and e-mails to 18 lakh assessees in ...
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Govt permits taxpayers to make multiple deposits under PMGKY
Posted Date : 08-Feb-2017 , 08:43:38 am | Posted By CASANSAAR
The government on Tuesday permitted taxpayers to make multiple deposits under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The income declaration scheme, open till 31 March, requires tax payers to deposit 25% of their undeclared income in interest free deposits in banks. They are also required...
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Taxman not to ask questions on deposits up to Rs 2.5 lakh: I-T dept
Posted Date : 06-Feb-2017 , 11:33:18 pm | Posted By CASANSAAR
Providing clarity on scrutiny of deposits made in banks post demonetisation, the I-T department said on Monday that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns.
Using Big Data analytics, the income tax d...
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Income tax dept scans 1-cr accounts under Operation Clean Money
Posted Date : 05-Feb-2017 , 10:12:17 pm | Posted By CASANSAAR
In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the income tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the source of fund.
The tax department has run big data analytics through more than 1...
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Taxmen can dig in past 10 years of returns to unearth black money
Posted Date : 03-Feb-2017 , 10:24:31 pm | Posted By CASANSAAR
In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh.
The present ceiling for scrutiny of past returns of income is six years. In the Budget for ...
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Possession of scrapped notes to be punishable
Posted Date : 03-Feb-2017 , 10:13:57 pm | Posted By CASANSAAR
Holding of more than 10 scrapped notes of Rs 500/1000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new bill introduced in the Lok Sabha today with an aim of eliminating the "possibility of running a parallel economy" using these.
The Bill, to replace ...
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100% penalty on cash transaction above 3 lakh - RS
Posted Date : 03-Feb-2017 , 08:25:55 am | Posted By CASANSAAR
Anyone transacting in cash above the newly imposed limit of Rs 3 lakh will have to pay a penalty of a similar amount, according to a top government official.
Union Finance Minister Arun Jaitley announced in his budget speech that on the recommendation of the Special Investigation Team (SIT)...
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Income Tax dept asks taxpayers to verify online deposits made post demonetization
Posted Date : 02-Feb-2017 , 10:58:52 pm | Posted By CASANSAAR
Income Tax Department has asked taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.
The department is using data analytics for comparison of deposits made after 8th of November last year with information in its database t...
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ITAT mulls video-courts to help tackle issue of pendency
Posted Date : 31-Jan-2017 , 09:35:04 am | Posted By CASANSAAR
Circuit benches of Income Tax Appellate Tribunal (ITAT) will hold regular sittings at Guwahati, Coimbatore, and Madurai. ITAT has proposed setting up of video courts in these cities to go with such video courts already functional at Rajkot, Jabalpur, Nagpur, Raipur and Surat, Dev Darshan Sud, presid...
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I.Tax Dept begins action under Benami Transaction Act; Issues 87 notices and attaches 42 assets.
Posted Date : 31-Jan-2017 , 09:07:33 am | Posted By CASANSAAR
Income Tax department has initiated action under the newly enforced Benami Act. IT Department said, post demonetisation it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under Benami Transactions Act. The Act attracts a heavy penalty and rigorous jail term of a ...
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Income Tax |
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Income Tax Dept to probe deeper into suspicious bank accounts
Posted Date : 24-Jan-2017 , 08:24:59 am | Posted By CASANSAAR
The Income Tax Department has widened its scrutiny of suspicious transactions postdemonetisation to cover term deposit accounts, loan repayments and advance remittances for imports in the postdemonetisation period.
A senior official confirmed that after analysing cash deposits made in bank and po...
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Finance Ministry may review tax regime on long-term capital gains
Posted Date : 23-Jan-2017 , 10:23:43 pm | Posted By CASANSAAR
The finance ministry reviewing the long-term capital gains (LTCG) taxation regime ahead of the Union Budget 2017-18, in the backdrop of Prime Minister Narendra Modi’s suggestion of increasing contribution of financial market participants to the exchequer.
Sources said the review may lead to...
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Cooperative banks can't accept deposits under PMGKY - Govt
Posted Date : 21-Jan-2017 , 09:10:10 pm | Posted By CASANSAAR
Government today clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit.
The PMGKDS permits voluntary declarat...
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Cooperative banks can't accept deposits under PMGKY - Govt
Posted Date : 21-Jan-2017 , 09:09:32 pm | Posted By CASANSAAR
Government today clarified that Co-operative Banks are not authorised to accept deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). The scheme allows assessees to disclose previously unaccounted and undeclared income under its ambit.
The PMGKDS permits voluntary declarat...
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Income Tax dept gets over Rs300 crore declarations under PMGKY
Posted Date : 21-Jan-2017 , 09:43:46 am | Posted By CASANSAAR
The income tax department has received confirmations for over Rs300 crore declarations from across the country till now as part of the ongoing black money window called the Pradhan Mantri Garib Kalyan Yojna (PMGKY), brought out by the government post demonetisation.
Officials said I-T department ...
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Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016
Posted Date : 19-Jan-2017 , 08:25:22 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016. It also appr...
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