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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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 |
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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 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 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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CPE Hours Compliance date extended to 31st January 2017
Posted Date : 20-Dec-2016 , 08:45:42 am | Posted By CASANSAAR
Last date for compliance of CPE Hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.
ICAI has stipulated different type of requirements of CPE hours for different type of members based on age, COP holding, residential status, etc, for the current block p...
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Income Tax |
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Government decides to reduce the existing rate of deemed profit u/s 44AD
Posted Date : 20-Dec-2016 , 07:45:51 am | Posted By CASANSAAR
Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Ru...
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Income Tax |
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Taxman sends 3000 notices for high bank deposits post notes ban
Posted Date : 17-Dec-2016 , 02:17:27 pm | Posted By CASANSAAR
The Income Tax Department has issued around 3,000 notices to assessees for unmatched deposits in bank accounts, while it has seized a total of Rs 393 crore in cash and jewellery over the past five weeks.
Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said since the demonetisation an...
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CBDT warns taxpayers against revising I-T return forms
Posted Date : 15-Dec-2016 , 08:12:22 am | Posted By CASANSAAR
In a stern warning to assessees trying to misuse the provision of revising Income Tax returns, the Central Board of Direct Taxes (CBDT) on Wednesday said those "drastically" altering the forms to revise income will face scrutiny and penal action.
It said that post demonetisation announc...
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Filing of Revised Income Tax Returns by the Tax Payers Post De-Monetisation of Currency
Posted Date : 15-Dec-2016 , 07:56:21 am | Posted By CASANSAAR
Under the existing provisions of Section 139(5) of the Income-tax Act, 1961 (‘Act’), Revised Return can only be filed if any person, who has filed a return under Section 139(1) of the Act or in response to notice u/s 142(1), discovers any omission or any wrong statement therein...
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Income Tax dept tells officers to not open last year’s assessments on higher turnover this year
Posted Date : 14-Dec-2016 , 08:56:06 am | Posted By CASANSAAR
In a relief to businesses, the income tax department has instructed field officers to not open previous year’s assessment of entities solely on the basis of increased turnover this year on account of use of digital payment methods.
In instructions to the assessing officers, the Central Boar...
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Income Tax |
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RBI asks banks to upload KYC with central registry from Jan 1
Posted Date : 10-Dec-2016 , 11:20:59 pm | Posted By CASANSAAR
Reserve Bank has directed all Scheduled Commercial Banks (SCBs) to upload the Know Your Customer or KYC data pertaining to new individual accounts opened on or after January 1, with Central KYC Records Registry. Besides, it has been decided to allow One Time Pin (OTP) based e-KYC subject to certain ...
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Income Tax |
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Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad
Posted Date : 09-Dec-2016 , 07:32:06 am | Posted By CASANSAAR
Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commission. As part of the operation to nab the culprits, Income Tax Investigation Directorate sent out a few decoy cu...
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Income Tax department rejects black money disclosures of over Rs 2 lakh crore
Posted Date : 04-Dec-2016 , 11:06:25 pm | Posted By CASANSAAR
The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind th...
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Income Tax |
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Businessman declares Rs 13680 crore under disclosure scheme, goes missing
Posted Date : 02-Dec-2016 , 11:03:46 pm | Posted By CASANSAAR
A property dealer who approached the Income Tax department with a disclosure of a whopping Rs 13,680 crore minutes before the voluntary declaration scheme lapsed on September 30 has now gone missing, according to his chartered accountant.
Mahesh Shah, 67, originally hails from Ahmedabad but has b...
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Income Tax |
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No tax on ancestral jewellery, purchase from disclosed income
Posted Date : 01-Dec-2016 , 04:31:25 pm | Posted By CASANSAAR
Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today.
The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up t...
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Smaller deposits to be probed only if big accounts indicate irregularities
Posted Date : 30-Nov-2016 , 08:57:57 am | Posted By CASANSAAR
The tax department will go after 'big fish' in probing deposits made in demonetised Rs 500 and Rs 1,000 notes but also intend to investigate small deposits, including Jan-Dhan accounts, if the probe into big tax evaders gives clues for irregularities in these accounts.
“...
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Income tax law amendments passed by Lok Sabha without debate
Posted Date : 29-Nov-2016 , 04:26:11 pm | Posted By CASANSAAR
The Taxation Laws (Second Amendment) Bill was passed in the Lok Sabha on Tuesday without any debate amid sloganeering by the opposition parties which demanded that the government first discuss the fallout of partial demonetisation.
Union finance minister Arun Jaitley, while moving the bill for co...
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Pay 50 pc tax on unaccounted deposits or 85 pc if caught
Posted Date : 28-Nov-2016 , 04:58:33 pm | Posted By CASANSAAR
Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught. Nearly t...
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30% tax, 10% penalty and 33% surcharge proposed on undisclosed income under demonetisation
Posted Date : 28-Nov-2016 , 03:36:01 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley on Monday tabled the Income Tax Amendment Bill in the Lok Sabha amid chaos and protests in a bid to corner the ruling BJP government on the issue of demonetisation. The IT Amendment Bill proposes proposes 30% tax on undisclosed income plus 10% penalty on the unaccounted...
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Income tax department asks IDS declarants to pay tax by 30 November
Posted Date : 28-Nov-2016 , 08:14:48 am | Posted By CASANSAAR
With the last date for payment of tax instalment under Income Disclosure Scheme (IDS) drawing close, the income tax department on Sunday warned declarants that non-payment of first instalment by 30 November will make declarations invalid.
The IDS, which was open from June to September, provided...
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Unaccounted deposits to attract 50% tax, 4 yr lock-in period
Posted Date : 25-Nov-2016 , 10:02:58 pm | Posted By CASANSAAR
A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
However, a higher...
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Income Tax |
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Unaccounted bank deposits to attract 60% income tax
Posted Date : 25-Nov-2016 , 09:00:32 am | Posted By CASANSAAR
The Union Cabinet late on Thursday cleared a proposal to amend the Income Tax (I-T) Act to levy close to 60% deduction on unaccounted deposits in banks above a threshold, said sources.
The decision was purportedly prompted by a surge in deposits — about ~20,000 crore, according to some repo...
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Cabinet clears amendments to Income Tax Act to tax deposits post Nov. 8
Posted Date : 24-Nov-2016 , 10:33:50 pm | Posted By CASANSAAR
Cabinet has cleared amendments in Income Tax Act, which would allow the government to tax deposits made in banks after Nov 8. Since the amount of deposits soared up after Rs 500 and Rs 1000 lost their legal tender on November 8 midnight, taxing the deposited amount would increase the revenue collect...
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Income Tax Dept warns violators will face seven years in jail in case of suspect cash
Posted Date : 20-Nov-2016 , 07:15:05 pm | Posted By CASANSAAR
Warning people against depositing their unaccounted old currency in someone else’s bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years...
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Income Tax Department sends notices over Suspicious Bank deposits
Posted Date : 19-Nov-2016 , 09:33:16 pm | Posted By CASANSAAR
The Income Tax Department has issued hundreds of notices demanding to know sources of the suspiciously large sums of cash deposited in banks, as the central government tries to tie the loose ends of their anti-black money drive more than a week after they announced they were doing away with old high...
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Income Tax |
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Income Tax lens on current account deposits over Rs 12.5 lakh
Posted Date : 17-Nov-2016 , 08:27:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) amended rules in the Income Tax Act and asked banks to furnish a statement of financial transaction in one or more current accounts of a person for cash deposits of Rs 12.5 lakh and above between November 9 and December 30.
The CBDT's notification on N...
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Income Tax |
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Jewellery shops remain shut for 6th day after alleged reports of tax evasion
Posted Date : 17-Nov-2016 , 08:21:26 am | Posted By CASANSAAR
Gold and jewellery establishments in the national capital remained shut for the 6th day on Wednesday after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion due after the government's demonetization move.
The government last wee...
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