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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Income Tax |
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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 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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Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
Posted Date : 19-Jan-2017 , 08:24:23 am | Posted By CASANSAAR
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017.
CBDT has received queries from stakeholders seeking clarifications about various provisions of the Scheme. The is...
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Income Tax |
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CBDT puts on hold circular on taxation of indirect transfer of shares
Posted Date : 18-Jan-2017 , 09:00:47 am | Posted By CASANSAAR
In a bid to soothe the nerves of foreign portfolio investors spooked by a fresh tax burden on indirect transfers mooted by the Central Board of Direct Taxes last month, the finance ministry stepped into the picture on Tuesday and put the tax department missive in abeyance till further notice.
The...
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Income Tax |
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Income Tax Dept bags e-Governance award for e-filing initiative
Posted Date : 11-Jan-2017 , 08:32:15 am | Posted By CASANSAAR
Income Tax Department has won National Awards on e-Governance 2016-17 for its e-filing initiative.
It has been conferred the silver award in the National Awards on e-Governance for the e-filing of Income Tax returns and other forms project in the category "Incremental Innovations"...
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Income Tax |
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Rs 3-4 lakh crore of evaded income deposited in banks post demonetisation
Posted Date : 10-Jan-2017 , 02:57:19 pm | Posted By CASANSAAR
The government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes.
A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of ...
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Income Tax |
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Income tax department to rope in auditors to probe bank deposits
Posted Date : 09-Jan-2017 , 07:46:00 am | Posted By CASANSAAR
With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.
Following the note ba...
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General Anti-Avoidance Tax Rule to kick in from April 2017
Posted Date : 09-Jan-2017 , 07:34:18 am | Posted By CASANSAAR
The General Anti-Avoidance Rule,GAAR, will kick in from April 1, 2017 said the Central Board for Direct Taxes today. GAAR was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance.
During the 2015 Budget presentation, Finance Mini...
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Income tax department signs three advance pricing pacts with taxpayers
Posted Date : 05-Jan-2017 , 08:41:52 am | Posted By CASANSAAR
The Income tax department signed three advance pricing agreements (APAs) with taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
The three APAs signed today pertain to engineering goods and shipping sectors of the economy. The international transactions cover...
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Income Tax dept to ensure no grievance remains pending over 30 days
Posted Date : 04-Jan-2017 , 09:12:12 am | Posted By CASANSAAR
In what could come as a good news for taxpayers in the new year, the Income Tax department has asked its officials to resolve their grievances within 30 days time.
The department's new wing called the 'Directorate of Tax Payer Services' has asked all the regional heads of the I-T to e...
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ICAI launches first Cost and Management Accounts Lab
Posted Date : 04-Jan-2017 , 08:54:56 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) has commenced a capacity building exercise. It has marked the initiative with the launch of the country’s first CMA (Cost and Management Accounts) Lab at Coimbatore. The facility was inaugurated by Manas Kumar Thakur, President of the Institute...
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Income Tax detects Rs 4,172 crore undisclosed income, seizes new note
Posted Date : 29-Dec-2016 , 10:07:09 pm | Posted By CASANSAAR
Over Rs 4,172 crore of un-disclosed income has been detected while new notes worth Rs 105 crore have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.
Official source...
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Income Tax Dept to issue notice to those who bought car after November 8
Posted Date : 28-Dec-2016 , 08:13:38 am | Posted By CASANSAAR
After a series of raids across the country following demonetisation, the Income Tax Department is now taking a close look at car sales that were made after November 8.
Car dealers across the country have been asked to share details of those buyers who made purchase after Prime Minister Narendra M...
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Black money holders to bear taxes, penalties amounting to over 137% post raids
Posted Date : 28-Dec-2016 , 08:07:34 am | Posted By CASANSAAR
Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided. The Income Tax department, in a release, said, the total levy can touch 107.25 per cent if the undisclosed income i...
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25 lakh cars sold in India every year despite only 24 lakh people declaring income over Rs 10 lakh
Posted Date : 27-Dec-2016 , 08:18:16 pm | Posted By CASANSAAR
An average of 25 lakh cars including 35,000 luxury vehicles are sold in India every year despite only 24 lakh people declaring an annual income of over Rs 10 lakh, PTI reported on Tuesday. A senior government official told the agency that only 3.65 crore of the 125 crore people in the country filed ...
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Income Tax |
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No intention of govt to impose long-term capital gains tax - FM
Posted Date : 25-Dec-2016 , 11:08:12 pm | Posted By CASANSAAR
To assuage market fears, Finance Minister Arun Jaitley on Sunday said there is no move to impose long-term capital gains tax on share transactions, an issue investors are hugely touchy about.
The statement came a day after Prime Minister Narendra Modi reportedly dropped a hint on increasing taxes...
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Income Tax |
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SC to hear plea against tax exemption to political parties on Jan 11
Posted Date : 24-Dec-2016 , 08:35:34 am | Posted By CASANSAAR
The Supreme Court on Friday said it would next month hear a plea seeking quashing of a provision of the Income Tax (IT) Act on tax exemption to political parties on receiving voluntary contributions.
A bench of justices Ashok Bhushan and L Nageswara Rao said there was no urgency in hearing the pl...
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Income Tax |
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Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962
Posted Date : 23-Dec-2016 , 03:48:00 pm | Posted By CASANSAAR
Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at...
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Govt allowed use of old notes for tax payment under PMGKY
Posted Date : 23-Dec-2016 , 09:02:15 am | Posted By CASANSAAR
The Govt has allowed use of old bank notes of 500 and 1,000 rupees for payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) till 30th of this month.
Finance Ministry in a statement said, the Taxation and Investment Regime for PMGKY, 2016 h...
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Income Tax Dept warns taxpayers against sharing user ID, password
Posted Date : 23-Dec-2016 , 08:36:24 am | Posted By CASANSAAR
The Income Tax Department has warned taxpayers against sharing their user ID and password with any unauthorised person, saying they too will be liable to face consequences for misuse of their confidential information.
In an advisory to taxpayers, the department's TDS Centralised Process...
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Income Tax |
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Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15
Posted Date : 22-Dec-2016 , 10:37:42 pm | Posted By CASANSAAR
The Non-filers Monitoring System (NMS) was rolled out for identification of non-filers with potential tax liabilities. Data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific information is available in the AIR...
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Income Tax |
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Income Tax detects Rs 3,185 cr black income; seizes Rs 86cr new notes
Posted Date : 21-Dec-2016 , 08:15:02 am | Posted By CASANSAAR
Over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government.
Official s...
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