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The Reserve Bank of India (RBI) asked banks to submit daily amounts of cash withdrawn from over the counter as well as through automated teller machines to help it gather accurate data on the circulation of currency.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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Income Tax |
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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 |
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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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Income Tax |
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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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Income Tax |
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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 |
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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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Income Tax |
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Income Tax dept to intensify anti-black money operations
Posted Date : 24-Oct-2016 , 09:13:39 am | Posted By CASANSAAR
With both the one-time black money declaration windows concluded, the Income Tax department is set to intensify its crackdown against stash holders after a recent case where an IDS participant surrendered a fresh Rs 30 crore of unaccounted wealth to the taxman after raids were conducted against him....
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Income Tax |
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IT Department giving Income Tax Certificate of Appreciation for Encouraging Tax payers
Posted Date : 19-Oct-2016 , 07:54:29 am | Posted By CASANSAAR
Central Processing Centre (CPC) of IT Department are issuing the certificate of Appreciation through the registered e-mails of the prompt tax payers.
Such an idea is delivered from the Central Finance Ministry. Arun Jaitley, on 19th Sep 2016, handed over these certificates to some of the selected...
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Income Tax |
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Income Tax department is sending out thank you notes - Did you get one?
Posted Date : 12-Oct-2016 , 08:16:25 am | Posted By CASANSAAR
The income tax department has come to acquire an image of an agency that has usually harassed taxpayers, including the honest ones. But recently several individuals were surprised to receive a 'Certificate of Appreciation' in their mailbox, with some even mistaking it for a spam mail.
...
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Income Tax |
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Tax from IDS to cushion spectrum bid shortfall - FM
Posted Date : 11-Oct-2016 , 11:06:43 am | Posted By CASANSAAR
Tax collected under the country's biggest black money disclosure will help cushion revenue shortfall from the sale of telecom spectrum and help manage the fiscal situation, Finance Minister Arun Jaitley said today.
As much as Rs 65,250 crore of undisclosed assets were brought to light during ...
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Income Tax |
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HC ordered ICAI to suspend CA Firm for issuing False Certification
Posted Date : 06-Oct-2016 , 08:39:05 am | Posted By CASANSAAR
A division bench of the Hyderabad High Court has ordered the Institute of Chartered Accountants of India (ICAI) to suspend a Firm of Chartered Accountants for issuing a false certification to a business firm which enabled the promoters to squander public money by inducing the general public to subsc...
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Income Tax |
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IDS 2016 Declarations Cross Rs.71,000 Cr - ICAI
Posted Date : 05-Oct-2016 , 08:08:35 am | Posted By CASANSAAR
The CA Institute on Tuesday said that as per the latest information available with the Institute total declarations made under the ‘Income Declaration Scheme’ 2016 has crossed Rs.71,000 crore.
M Devaraja Reddy, President, Institute of Chartered Accountants of India (ICAI), told at p...
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Income Tax |
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CBI arrests Income Tax officer in bribery case
Posted Date : 04-Oct-2016 , 08:46:31 pm | Posted By CASANSAAR
CBI has arrested an Income Tax officer for allegedly accepting a bribe of Rs 3 lakh and demanding Rs 5,000 as additional illegal gratification for his staff. A CBI spokesperson said in Delhi that the officer and his staff member were arrested from Mumbai.
“A case was registered U/...
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Income Tax |
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CAG lens on entities avoiding tax with ‘farm income’ claim
Posted Date : 03-Oct-2016 , 10:08:33 pm | Posted By CASANSAAR
The comptroller and auditor general has initiated an audit of entities claiming tax exemption on agricultural income amid suggestions from some political parties and income tax authorities that a blanket exemption be done away with and tax be levied after a threshold.
The auditor has written to t...
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Income Tax |
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Kareena Kapoor Khan's income tax account hacked, returns filed
Posted Date : 03-Oct-2016 , 12:52:09 pm | Posted By CASANSAAR
Bollywood actor Kareena Kapoor Khan on Friday filed a complaint against an unidentified person for allegedly hacking into her Income Tax account and filing a false return claim.
The cyber police station in BKC has registered a case and a probe is on to identify and trace the accused.
Police so...
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Income Tax |
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IDS - 64,275 declarants disclose Rs 65,250 cr black money - FM
Posted Date : 01-Oct-2016 , 10:36:41 pm | Posted By CASANSAAR
In the biggest ever blackmoney disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government.
While the blackmoney declarations will go up once all the online and manual filings of undisclosed ...
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Income Tax |
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IDS - Rs 65,000 Cr and counting
Posted Date : 01-Oct-2016 , 07:34:39 am | Posted By CASANSAAR
The Capital’s tallest building, the 28-storey Civic Centre near the New Delhi Railway Station, is hardly a hub of action on a weekend night. But September 30 was not like any other Friday evening. It was the last day of the government’s Income Declaration Scheme (IDS). And hours before t...
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Income Tax |
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PM asks IT Dept to set up mechanism to address grievances of taxpayers
Posted Date : 28-Sep-2016 , 08:11:49 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has asked the Income Tax Department to set up a mechanism to address the grievances of taxpayers. Mr Modi today reviewed the progress towards handling and resolution of grievances related to income tax administration and expressed concern over the grievances.
Interact...
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Income Tax |
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IDS: Tax offices to remain open till 8:00 PM on Sept 28, 29
Posted Date : 28-Sep-2016 , 08:10:57 pm | Posted By CASANSAAR
CBDT extends Working Hours till 8.00 pm on 28th& 29th September, 2016 for IDS Declarations; On 30th September, such declarations can be filed till midnight.
In order to further facilitate the filing of declarations under the Income Declaration Scheme, 2016, the Centr...
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Income Tax |
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Income Tax Department unravel Rs 1200 cr undisclosed income
Posted Date : 23-Sep-2016 , 08:00:39 am | Posted By CASANSAAR
Kerala seems to be hot spot when it comes to Income tax (IT) evasion as sleuths traced out undisclosed income worth Rs 1200 in first 6 months of this year alone.
The IT officials claimed that they had eventful period with high number of searches and seizures carried out in 2016.
As per the pre...
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Former Kingfisher CFO gets 18-mnth imprisonment in cheque bounce cases
Posted Date : 22-Sep-2016 , 09:19:37 pm | Posted By CASANSAAR
A Hyderabad court on Thursday sentenced A Raghunathan, former CFO of Kingfisher Airlines Ltd and a close aide of businessman Vijay Mallya, to 18 months imprisonment in connection with two cheque bounce cases.
The Third Special Magistrate Court at Erram Manzil also imposed a penalty of Rs 20,000 o...
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Income Tax |
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Black money - Income Tax department raids vada pav, jalebi Stalls
Posted Date : 22-Sep-2016 , 11:47:30 am | Posted By CASANSAAR
With the deadline for payment of tax and penalty under the black money disclosure scheme less than two weeks away, the Income-Tax (IT) department has now raided several small businesses including vada pav and jalebi stalls.
According to Economic Times, the IT department raided about 50 vada pav c...
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Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes
Posted Date : 21-Sep-2016 , 07:21:36 pm | Posted By CASANSAAR
The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes.
The Agreement will stimulate the flow of exchange of inform...
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Income Tax |
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Income Tax Department To Honour Honest Taxpayers
Posted Date : 16-Sep-2016 , 06:56:51 am | Posted By CASANSAAR
In a novel initiative revived after decades, the Central Board of Direct Taxes (CBDT) will soon honour lakhs of "honest and compliant" taxpayers from across the country who have paid their income tax dues diligently over the years.
CBDT, the apex the policy-making body of the Income Tax...
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IDS: I-T offices to be open till midnight on Sep 30
Posted Date : 15-Sep-2016 , 10:15:02 pm | Posted By CASANSAAR
The taxman will undertake a midnight vigil on September 30 as CBDT has directed the Income Tax department to keep their offices country-wide open in order to receive declarations under the domestic black money window - the Income Declaration Scheme (IDS).
"The last date for making decl...
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