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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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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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 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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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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Income Tax department notices to charitable, religious organisations
Posted Date : 17-Nov-2016 , 08:18:21 am | Posted By CASANSAAR
The Income Tax department has issued notices to hundreds of charitable and religious organisations in the country enjoying tax exemption.
The organisations have been asked to inform the department about their cash balances as of 8th of this month when the government demonetised 500 and 1,00...
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RBI asks banks to furnish daily data on cash withdrawals
Posted Date : 14-Nov-2016 , 12:11:52 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter as well as through automated teller machines to help it gather accurate data on the circulation of currency.
In a circular on Sunday it asked banks to submit the data in a speci...
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Rs 500/1,000 notes valid for key utility payments till Nov 24
Posted Date : 14-Nov-2016 , 12:02:02 pm | Posted By CASANSAAR
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
While withdrawing Rs 500 and Rs 1,000 not...
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Income Tax department conducts multiple raids in Delhi, Mumbai and other cities
Posted Date : 10-Nov-2016 , 07:26:52 pm | Posted By CASANSAAR
This comes a day after Union Finance Ministry had warned of strict actions against those who will be found depositing undisclosed money after banks opened on Thursday.
Further dangling the stick, government on Wednesday night had warned that cash deposits above Rs 2.5 lakh threshold under t...
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Income Tax dept not to hound small depositors - FM
Posted Date : 10-Nov-2016 , 07:20:12 pm | Posted By CASANSAAR
Assuring people that taxman will not hound those making small deposits in scrapped Rs 500/1,000 currency, Finance Minister Arun Jaitley today advised them not to throng banks as there is enough time to exchange the junked notes.
He said however that those depositing large amounts of unaccounted m...
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Donations to temples, FDs in co-op banks under govt scanner
Posted Date : 10-Nov-2016 , 07:18:06 pm | Posted By CASANSAAR
The demonetization of 1000 rupees and 500 rupees notes has seen sudden spurt in donations to around 100 temples and trusts and in cash reserves of around 1000 cooperative banks and credit societies in Maharashtra. All these transactions have come under government scanner. The officials have apprised...
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Deposits under tax exemption limit may not draw Income Tax scrutiny
Posted Date : 09-Nov-2016 , 07:12:41 pm | Posted By CASANSAAR
Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs. 2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today.
After withdrawing Rs. 500 and...
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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961
Posted Date : 03-Nov-2016 , 07:54:30 am | Posted By CASANSAAR
ICAI has released the 5th Edition (November 2016) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 & August 2013.
The ICAI has revised Guidance note on Report under Section...
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Use housing society letter for loan interest sop: ITAT
Posted Date : 31-Oct-2016 , 09:04:31 am | Posted By CASANSAAR
In a recent order, the income tax appellate tribunal's Mumbai bench has held that to claim an interest deduction against a home loan, a taxpayer is not required to submit a completion certificate from any government authority as proof of having obtained possession within the stipulated time peri...
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Income Tax dept emails appellants on resolution plan
Posted Date : 29-Oct-2016 , 11:19:47 am | Posted By CASANSAAR
With over Rs 5.16 lakh crore locked up in tax disputes before commissioners, the revenue department has started sending emails and SMSes to assessees, asking them to avail of the ongoing one-time dispute scheme which will close by December-end. About 259,000 cases were pending as of February involvi...
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Income Tax |
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No significant addition to Rs 65,250 Cr IDS disclosure
Posted Date : 24-Oct-2016 , 09:26:08 am | Posted By CASANSAAR
Undeclared wealth of Rs 65,250 crore disclosed under the one-time compliance window has not seen any significant addition after tax authorities completed scrutiny of all the filings, sources said.
Finance Minister Arun Jaitley had on October 1 announced India's biggest ever black money haul w...
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