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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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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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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Income Tax |
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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 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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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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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 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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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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