Income Tax dept officers to suggest changes in direct tax laws
Posted Date : 25-Aug-2016 , 10:53:09 pm | Posted By CASANSAAR
In a bid to keep nation's tax laws in conformity with changing times, the Income Tax Department has created a permanent mechanism for seeking inputs from its officers for changes required in the direct tax regulations.
To begin with, the I-T Department has asked officials to provide suggestio...
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FinMin mulling advancing Union Budget by a month
Posted Date : 22-Aug-2016 , 08:01:35 am | Posted By CASANSAAR
The Union Budget has for decades been presented on the last day of February, but this could soon change with the government mulling advancing it to January-end, to complete the exercise before the beginning of the new financial year.
The finance ministry is overhauling the Budget-making exercise,...
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Income Tax |
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Clarification regarding the Income Declaration Scheme 2016
Posted Date : 19-Aug-2016 , 10:52:58 pm | Posted By CASANSAAR
Fifth Set of Frequently Asked Questions (FAQs) was issued yesterday clarifying certain issues relating to Income Declaration Scheme,2016 (the Scheme). Clarification has been sought as to whether the answer number 4 of the said FAQ shall apply to all assets declared under the Scheme or it is limited ...
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Income Tax |
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New updated Version of Income Tax Return Statistics for Assessment Year 2012-13 released
Posted Date : 19-Aug-2016 , 10:52:07 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) had proactively released data relating to direct tax collections, PAN allocation and distribution of income in the returns for AY 2012-13 earlier in April, 2016.
A new version of the income distribution data for AY 2012-13 has now been placed in pu...
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Income Tax |
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Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961
Posted Date : 19-Aug-2016 , 10:51:24 pm | Posted By CASANSAAR
Section 35AC of the Income Tax Act 1961, inter alia provides for a deduction in computing the business income of an assessee, of the amount paid by him to a Public Sector company or a local authority or to an association or institution approved by the National Committee for carrying-out any eligible...
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Income Tax |
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Fifth set of FAQs providing clarification on various issues under the IDS 2016
Posted Date : 18-Aug-2016 , 10:37:42 pm | Posted By CASANSAAR
The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. Income Declaration Scheme Rules, 2016 (the Rules) were notified on 19.5.2016. Representations have been receiv...
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Income Tax |
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Only 14 lakh individuals fell in 30% tax bracket in 2012-13
Posted Date : 18-Aug-2016 , 08:36:13 pm | Posted By CASANSAAR
Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs. 10 lakh, attracting the highest tax bracket of 30 per cent, in assessment year 2012-13.
As per the Income Tax Return Statistics for Assessment Year 2012-13, 14 lakh people or just 4.6 per c...
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Income Tax |
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CBDT to acknowledge black money declarants by August-end
Posted Date : 16-Aug-2016 , 07:46:21 am | Posted By CASANSAAR
Black money holders who have disclosed their ill-gotten assets during July under the ongoing compliance window will receive acknowledgement from the tax department by August 30.
Since the government has extended the deadline for payment of tax and penalty under the Income Disclosure Scheme (IDS),...
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Income Tax |
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PM assures middle class an end to tax terrorism
Posted Date : 15-Aug-2016 , 07:06:14 pm | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday assured tax payers that he will remove the fear of taxman hounding them by ushering in accountability and answerability.
“Middle class, upper middle class used to be hassled with I-T officers, more than police. I have to change this situati...
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Income Tax |
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Government notifies revised tax treaty with Mauritius
Posted Date : 14-Aug-2016 , 09:58:59 am | Posted By CASANSAAR
India has notified a landmark Protocol that has now amended an existing 33-year-old double taxation avoidance agreement (DTAA) between India and Mauritius.
The notification of the Protocol on August 10 by the Indian side signifies the culmination of the entire process of amending the DTAA, putt...
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Income Tax |
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No move to extend Income Disclosure plan deadline
Posted Date : 12-Aug-2016 , 10:04:56 pm | Posted By CASANSAAR
The government on Friday said it is not considering any proposal to extend the four-month deadline for disclosing domestic black money under the Income Disclosure Scheme (IDS), which ends on September 30.
On a question whether the government has any plans to extend the IDS deadline, Minister of...
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Income Tax |
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BMC to tie-up with ICAI to clear irregularity in accounts
Posted Date : 12-Aug-2016 , 02:04:29 pm | Posted By CASANSAAR
Following allegations of discrepancies in its accounts and audit system, the Brihanmumbai Municipal Corporation (BMC) is all set to tie-up with the Institute of Chartered Accountants of India (ICAI) to review its accounting and audit procedures.
Municipal commissioner Ajoy Mehta confirmed that th...
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Income Tax |
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IT Dept Finds Unaccounted Wealth of Rs 130 Crore With AAP MLA
Posted Date : 10-Aug-2016 , 07:21:15 am | Posted By CASANSAAR
The Income Tax Department has found unaccounted income and investment worth Rs 130 crore with Aam Aadmi Party (AAP) MLA Kartar Singh Tanwar, sources said on Tuesday.
The department has already seized unaccounted cash and jewellery of nearly Rs 1 crore from Tanwar and his brother. Tanwar has been ...
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Income Tax |
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Income Tax refunds of Rs 14,332 cr issued till Aug 5 this year
Posted Date : 09-Aug-2016 , 06:48:01 am | Posted By CASANSAAR
Income Tax refunds of Rs 14,332 crore have been issued this year till August 5, the Finance Ministry said.
"The Central Processing Centre (CPC) Bengaluru has already issued over 54.35 lakh refunds totaling to Rs 14,332 crore which includes 20.81 lakh refunds for AY 2016-17 (current year retu...
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Income Tax |
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Rs 1.23 Lakh Crore of Income Tax Refund Pending: Government
Posted Date : 06-Aug-2016 , 07:00:44 am | Posted By CASANSAAR
Refund claims worth Rs 1.23 lakh crore are pending with the Income Tax Department as on March 31, the government on Friday said.
"As on March 31, 2016, refund claims of above Rs 10 lakh are pending only in 57,783 cases for various assessment years, involving a total amount of Rs 1,23,335 cro...
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Income Tax |
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Finance Ministry warns tax officials on resolution against revenue dept
Posted Date : 29-Jul-2016 , 09:29:22 am | Posted By CASANSAAR
Sending a stern warning of disciplinary action against tax officials who passed a resolution against Department of Revenue last week, the finance ministry has said it’s an act of insubordination and that no government department has absolute autonomy.
“Finance minister Arun Jaitley ha...
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Income Tax |
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Govt fixes Dec 31 deadline for retro tax settlement
Posted Date : 27-Jul-2016 , 09:49:31 pm | Posted By CASANSAAR
Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.
The one-time offer to settle tax issues by waiving of interest and penalty, if the companies paid up the principal tax amount, had opened on June 1 t...
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Income Tax |
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I-T dept detects Rs 22K cr undisclosed income in 2 yrs: FM
Posted Date : 23-Jul-2016 , 08:26:01 am | Posted By CASANSAAR
The Income Tax Department has detected undisclosed income worth Rs 22,475 crore in over 9,500 surveys conducted over the past two years, Finance Minister Arun Jaitley said today.
As part of enforcement measures the department has conducted searches in 990 groups of assessees during the last two y...
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Income Tax |
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CBI chargesheets ex-IT Dy Commissioner in graft case
Posted Date : 21-Jul-2016 , 10:06:19 pm | Posted By CASANSAAR
CBI has chargesheeted former Deputy Commissioner of Income Tax Yogendra Mittal for allegedly taking illegal gratification from StockGuru scam accused Ullas Prabhakar Khaire in exchange of an assurance that he would settle his case.
In its charge sheet filed before Special CBI Judge Anju Bajaj Cha...
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Income Tax |
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IT Dept to ssue seven lakh letters seeking high value non PAN transactions
Posted Date : 21-Jul-2016 , 09:56:46 pm | Posted By CASANSAAR
Income Tax Department will issue seven lakh letters seeking information regarding high value non PAN transactions.
An official release issued today, said various types of high-value transactions were being reported to the Income Tax Department under the Annual Information Returns.
...
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Income Tax |
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Income Tax department to write to over 2.59 lakh taxpayers
Posted Date : 20-Jul-2016 , 08:49:16 am | Posted By CASANSAAR
After unleashing a massive awareness campaign for the one-time black money compliance window, the tax authority will now write to over 2.59 lakh taxpayers to avail benefits of a similar scheme where an estimated Rs 5.5 lakh crore is stuck in litigation.
The ‘Direct Tax Dispute Resolution ...
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Income Tax |
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CBDT tightens scrutiny rules for assessing officers
Posted Date : 18-Jul-2016 , 07:47:55 am | Posted By CASANSAAR
If you have received an income-tax scrutiny notice, there's no need to be unduly fearful as the government has sought to protect you against possible harassment.
That's in line with Prime Minister Narendra Modi's recent message to the tax department that people should not fear s...
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Income Tax |
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Government ups advertising spending limit of income tax brass to Rs 50 lakh
Posted Date : 16-Jul-2016 , 05:38:25 pm | Posted By CASANSAAR
With the government pulling out all the stops to make the one-time black money compliance window a success, the Income Tax Department has now hiked financial powers of its supervisory officers for publicity of the scheme by up to 50 times.
Till now, the regional heads of the tax department could ...
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Income Tax |
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Can’t deny tax relief to buyer if builder delays flat delivery - ITAT
Posted Date : 16-Jul-2016 , 09:19:31 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder's fault the taxpayer does not get timely possession of a house in which the reinvestment was made.
The Income-Tax...
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Income Tax |
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E-filing: ATM-based validation facility enhanced
Posted Date : 15-Jul-2016 , 08:38:07 am | Posted By CASANSAAR
The Income Tax department has widened the ATM-based validation system for filing of online Returns by taxpayers. The department has included Axis Bank to enhance the paperless regime of filing the annual Income Tax returns.
In May this year, the department had launched the bank account-based vali...
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Income Tax |
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Recommendations of SIT on Black Money as Contained in the Fifth SIT Report
Posted Date : 15-Jul-2016 , 08:23:34 am | Posted By CASANSAAR
The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on Department of Revenue website www.dor.gov.in.
The SIT has made the following recommendations in the Fifth Report:
Cash transactions : T...
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Income Tax |
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Indiabulls office raided by Income Tax department in Rs 1500 crore tax evasion case
Posted Date : 15-Jul-2016 , 07:51:02 am | Posted By CASANSAAR
Income Tax department raided at least 20 premises of Indiabulls on Wednesday across Mumbai, Delhi and Chennai. This was one of the biggest raids undertaken by the I-T department in recent times. The raid lasted for more than 5 hours at some locations. Nearly 1,000 Income Tax officials were involved ...
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Income Tax |
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IDS 2016 – Government Revises Time Schedule for Making Payments under the Scheme
Posted Date : 15-Jul-2016 , 07:46:09 am | Posted By CASANSAAR
During the course of meetings and seminars held in different parts of the country, various stakeholders have expressed concern that the time period available under the Scheme up to 30th November, 2016 for making payment of tax, surcharge and penalty is very short, especially where funds in liquid fo...
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Income Tax |
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IDS 2016 – Government Issues Clarifications in the form of Fourth Set of Frequently Asked Questions (FAQs)
Posted Date : 15-Jul-2016 , 07:45:15 am | Posted By CASANSAAR
The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Board has issued three sets of clarifications in the form of FAQs. The fourth set of Frequently Asked Questions (F...
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Income Tax |
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Ban cash transactions of above Rs 3 lakh to curb blackmoney - SIT
Posted Date : 15-Jul-2016 , 07:43:53 am | Posted By CASANSAAR
The Special Investigation Team (SIT) on blackmoney has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy.
The SIT headed by Justice M B Shah (retd), submitted its fifth report to ...
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